US investment manager, Putnam Investments is to be acquired from insurance and risk management giant Marsh & McLennan by Great-West Lifeco, ...

US investment manager, Putnam Investments is to be acquired from insurance and risk management giant Marsh & McLennan by Great-West Lifeco, a subsidiary of Power Financial Corporation, for an agreed price of $3.9 billion. The transaction is expected to close by the middle of 2007. The firm will remain headquartered in Boston and retain its brand, operations, personnel and offices. Putnam’s senior team, including investment and business professionals, remains in place and continues to be led by president and chief executive Charles Haldeman. Mr Haldeman said: “Putnam was fortunate to have a number of interested purchasers. We are joining the Power Financial group because it is in the best long-term interests of our investors, clients, financial advisors, strategic partners and employees. This new relationship provides for the greatest degree of continuity, enabling us to continue our mission of taking care of other people’s money by providing consistent, dependable, and superior investment performance over time”. Putnam is one of the US's oldest and largest investment management firms. At the end of December 2006, it had $192 billion in assets under management.