Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses
One Franklin Parkway in San Mateo, California. (Credit: Coolcaesar/Wikipedia)
Great-West Lifeco Inc. (“Lifeco”) [TSX: GWO] today announced the successful completion of the sale of Putnam Investments to Franklin Resources, Inc. [NYSE: BEN], operating as Franklin Templeton, one of the world’s largest independent and diversified asset managers.
“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,” said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. “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.”
Consistent with our previous announcement, the transaction is not expected to have a material financial impact for Great-West Lifeco at close. Further details will be provided as part of the company’s year-end disclosures in February 2024.
Source: Company Press Release