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Friday, August 3, 2007|
Great-West Wraps Up Putnam Purchase
It's official: Boston-based Putnam Investments is part of Great-West Lifeco. On Friday, Winnipeg, Canada-headquartered Great-West closed on the acquisition it put in motion in February of this year.
Great-West Lifeco Inc. announced today that it has completed the acquisition of Putnam Investments Trust.
"This acquisition allows Lifeco to achieve, with a single transaction, a major presence in the mutual fund and institutional asset management industry in the United States," said Raymond L. McFeetors, Great-West Lifeco's President and Chief Executive Officer. "This acquisition also broadens our operations in Europe and gives us an entry into Japan."
Established in 1937, Putnam is one of the oldest and largest investment managers in the United States, with US $193 billion in assets under management at June 30, 2007.
Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company with interests in the life insurance, health insurance, retirement savings, investment management and reinsurance businesses. Lifeco has operations in Canada, the United States and Europe through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments Trust. With this transaction, Lifeco and its companies have more than $415 billion in assets under administration, based on June 30, 2007 values. Great-West Lifeco is a member of the Power Financial Corporation group of companies.
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