Franklin Resources, the New York-headquartered group operating as Franklin Templeton, said on 2 Janaury it had completed its $925m acquisition of Putnam Investments from Great-West Lifeco.
The deal, which was originally announced at the end of May 2023, sees Great-West becoming a long-term shareholder in Franklin Resources.
Jenny Johnson, president and CEO of Franklin Templeton, said: “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.”
