Great-West Lifeco has completed its acquisition of Putnam Investments from March and McLennan Companies.

“We are very excited to join Great-West Lifeco and the Power Financial group of companies, says Putnam’s president and CEO, Charles E. Halderman, Jr.

The deal, which was announced in February, is worth about US$3.9 billion.

“This acquisition allows Lifeco to achieve, with a single transaction, a major presence in the mutual fund and institutional asset management industry in the United States,” says Raymond L. McFeetors, Great-West Lifeco’s CEO. “This acquisition also broadens our operations in Europe and gives us an entry into Japan.”

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At the end of June, Putnam had US$72 billion in institutional assets and $121 billion in mutual fund assets.

The Boston-based company was founded it 1937 and is one of the oldest and largest money management firms in the United States. It also has offices in London and Tokyo.

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