MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, July 7, 2014 Putnam Parent Great-West Aims for More U.S. Acquisitions Montreal's Desmarais family is at it again. According to BusinessWeek, Great-West Lifeco, the parent of Putnam, is "hunting" for more acquisitions in the U.S., and also in Europe, to grow its footprint in the asset management business. Great-West Lifeco CEO Paul Mahon recent told Bloomberg that “We’re looking towards acquisition opportunities -- the pension space and asset management space are areas where we’re interested. There’s the broadest set of opportunities in the U.S. There would be a broad but a lesser set in the U.K.” Great-West is a part of Power Corp., which is owned by the Desmarais family, known for being aggressive and shrewd buyers, but patient owners. Retirement is a key area of interest for them. During his interview with Bloomberg, Mahon indicated that Great-West is shopping for properties that would boost their presence in pension management. They're already making their moves. In April 2014, MFWire sister publication 401(k)Wire broke the story that Great-West was buying JP Morgan's record-keeping business. 401(k)Wire also reported that Putnam and the U.S. arm of Great-West were merging their retirement operations. Mahon didn't outline any specific targets in the BusinessWeek article. Printed from: MFWire.com/story.asp?s=49036 Copyright 2014, InvestmentWires, Inc. All Rights Reserved |