just extended Putnam's
] 17-year-old alliance in the Land of the Rising Sun.
Yesterday Reynolds, president and CEO of Putnam (and chief of its Great-West sibling and parent companies in the U.S.), confirmed
that the Boston-based mutual fund company and Nissay Asset Management
have renewed their strategic partnership through 2020. Ownership of NAM is unchanged, with Putnam still holding a 10-percent stake, while the remaining 90 percent is still held by Nippon Life Insurance Company
(Japan's largest life insurer).
Putnam continues to subadvise NAM retail funds and advise NAM pension clients. Through NAM, Putnam manages $3 billion out of its $5 billion in total Japanese assets.
Putnam's NAM alliance dates back to 1998, before Power Financial (parent of Great-West) bought Putnam
in 2007 (from Marsh & McLennan
) and before Reynolds took over
Putnam in 2008.
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