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.

To comment on this story, email craig.sebastiano@rci.rogers.com.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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