Boston Globe: Putnam Investments sold in deal worth up to $1.3 billion

Putnam Investments was sold by its parent, Great-West Lifeco, to Franklin Resources in a deal valued at as much as $1.3 billion. The Boston Globe reported that Putnam Investments CEO Robert Reynolds said, “Combining Putnam’s asset management business with Franklin Templeton’s scaled and diversified platform is an exceptional opportunity for our company. Critical to this transaction is the strong alignment between our organizations. … Together, we will continue serving our clients and upholding our commitment to them and their needs. We look forward to joining Franklin Templeton in the next phase of our growth.” Read more (subscription required).