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Friday, January 25, 2019|
Putnam's Parent Refocuses Its U.S. Biz On Three Units
Bob Reynolds is refocusing Putnam's [profile] parent's U.S. business on just three units.
"This transaction allows us to focus on the retirement and asset management markets in the U.S.," states Paul Mahon, president and CEO of Great-West Lifeco.
"We will continue to focus on Empower Retirement and seize the opportunity to further advance our leadership position in the expansive retirement services market," states Reynolds, CEO of Great-West Life & Annuity and president and CEO of Putnam.
Protective, a wholly owned subsidiary of Japanese multinational Dai-ichi Life Holdings, will buy (via reinsurance) Great-West business that includes BOLI, COLI, individual annuities, single premium life insurance, and more. Goldman Sachs advised Great-West on the deal, while Morgan Stanley advised Protective. Eversheds Sutherland provided legal counsel to Great-West, while Willkie Farr & Gallagher did the same for Protective.
The Great-West Lifeco team expects to bring in about $1.2 billion from the deal after taxes. The deal is expected to close in the first half of 2019.
Putnam had more than $160 billion in AUM as of the end of 2018.
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