The acquisition takes the total AuM of Franklin Resources to $142 billion, based on figures for the end of November last year.

Franklin Resources, the New York-headquartered group operating as Franklin Templeton, yesterday said it had completed its $925 million acquisition of Putnam Investments from Great-West Lifeco.

Following the deal, which was originally announced at the end of May 2023, Great-West will become a long-term shareholder in Franklin Resources, the latter firm said.

“With complementary capabilities and a track record of strong investment performance, Putnam expands our ability to offer more choice to more clients,” Jenny Johnson, president and CEO of Franklin Templeton, said. 

“The addition of Putnam accelerates our growth in the retirement sector by increasing our defined contribution AuM and expands our insurance assets, further strengthening our presence in these key market segments to better serve all our clients,” Johnson said.

Founded in 1937, Putnam had $142 billion in AuM as of November 30, 2023. The acquisition takes the total AuM of Franklin Resources to $142 billion, based on figures for the end of November last year.

The transaction adds a target date fund range and investment capabilities with scale, including in the areas of stable value, ultra-short duration and large cap value.