Franklin Resources, a global investment management company doing business as Franklin Templeton, has completed the purchase of Putnam Investments from Great-West Lifeco.

As stipulated in the agreement, Great-West commits to asset management going forward by becoming a long-term shareholder in Franklin Resources.

Jenny Johnson, president and CEO of Franklin Templeton, commented: “With complementary capabilities and a track record of strong investment performance, Putnam expands our ability to offer more choice to more clients. The addition of Putnam accelerates our growth in the retirement sector by increasing our defined contribution AUM and expands our insurance assets, further strengthening our presence in these key market segments to better serve all our clients. Putnam also shares our client-focused culture and emphasis on delivering strong investment results. We’re delighted to welcome the talented team at Putnam to Franklin Templeton and are pleased to have Great-West as an investor.”

Putnam is a multinational asset management company that was founded in 1937. As of 30 November 2023, its assets under management (AuM) were $142bn.

Through the deal, a target date fund range and supplementary scale-based investment capabilities—such as those in large cap value, ultra short duration, and stable value—are added.

The implementation strategy is made to reduce any impact on Putnam’s investment teams and relations with clients, in line with Franklin Templeton‘s other acquisitions.

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In addition to this, Putnam’s operations, technology, risk management, and investment skills will all be improved by Franklin Templeton’s extensive worldwide infrastructure. Putnam’s acquisition raises Franklin Templeton’s AuM to $1.55trn as of 30 November 2023.

Company partnerships

Furthermore, a final agreement has been reached by Edmond de Rothschild to sell its Luxembourg-based Third-Party Asset Servicing operations to Apex Group, a global provider of financial services.

The fund administration, transfer agent, and custody operations of Edmond de Rothschild for its Infrastructure and Private Equity funds will be acquired by Apex Group within the scope of this arrangement.