WINNIPEG — Great-West Lifeco Inc. says it has closed the sale of Putnam Investments.
The company first announced the deal to sell the business to Franklin Resources Inc., which operates as Franklin Templeton, in May 2023.
The deal includes a partnership that will see Great-West Lifeco distribute Franklin Templeton products and allocate an initial US$25 billion in assets under management to Franklin Templeton's specialist investment managers.
Great-West Lifeco has also agreed to retain shares representing about a 4.9 per cent stake in Franklin Templeton for a minimum five-year period.
Great-West Lifeco chief executive Paul Mahon says the deal furthers the company's strategy of building and extending strategic partnerships.
The company said the transaction is not expected to have a material financial impact.
This report by The Canadian Press was first published Jan. 2, 2024.
Companies in this story: (TSX:GWO, TSX:POW)
The Canadian Press
