Great-West Lifeco, an international financial services holding company has completed the sale of Putnam Investments to Franklin Resources, Inc., operating as Franklin Templeton, an independent and diversified asset manager.
According to the announcement, the transaction is not expected to have a material financial impact for Great-West Lifeco at close.
The company confirmed that further details will be provided as part of Great-West Lifeco’s year-end disclosures in February 2024.
Paul Mahon, President and Chief Executive Officer, Great-West Lifeco, commented: “As client needs for asset management continue to evolve, Franklin Templeton’s scale and breadth, together with Putnam’s complementary capabilities, will drive positive outcomes for their stakeholders.
“This transaction furthers Lifeco’s strategy of building and extending strategic partnerships with best-in-class asset managers to support our clients’ retirement, group benefits, and personal wealth management needs.”
In their results for the third quarter of 2023, Great-West Lifeco reported a solid increase in its base earnings, as they rose from $809 million to $950 million.
