In a deal expected to close on May 14, 2004, Putnam Investments will acquire a 30 percent stake in PanAgora Asset Management from Nippon Life Insurance Co., Putnam’s strategic partner in Japan. The move brings Putnam’s total stake in PanAgora to 80 percent.

Eric Sorensen, chief investment officer of Putnam's structured equity products, will become chief executive officer of PanAgora, whose current CEO and president, William Poutsiaka, will become chairman.

Poutsiaka said in a statement that the company hopes to capitalize on institutional investors’ increased demand for quantitative investment products. The deal will give PanAgora increased distribution and operational infrastructure and should pave the way for increased U.S. sales.

The deal will "help Putnam leverage our own quantitative management capabilities and resources by centralizing them in a distinct organization with a unique focus," said Charles "Ed" Haldeman, Putnam’s president and chief executive officer.  

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