Franklin Templeton completes acquisition of Putnam Investments

Franklin Resources, a global investment management organization operating as Franklin Templeton, announced the successful completion on January 1, 2024 of its acquisition of Putnam Investments from Great-West Lifeco. Per the terms of the transaction, Great-West becomes a long-term shareholder in Franklin Resources, Inc., consistent with Great-West’s continuing commitment to asset management.

Founded in 1937, Putnam is a global asset management firm with $142 billion in AUM as of November 30, 2023. The transaction adds a target date fund range and complementary investment capabilities with scale, including in the areas of stable value, ultra short duration and large cap value. Consistent with Franklin Templeton’s previous acquisitions, the execution plan is designed to minimize disruption to Putnam’s investment teams and client relationships.

Franklin Templeton’s global infrastructure will enhance Putnam’s investment, risk management, operations and technology capabilities. The addition of Putnam brings Franklin Templeton’s AUM to $1.55 trillion as of November 30, 2023.

“With complementary capabilities and a track record of strong investment performance, Putnam expands our ability to offer more choice to more clients. 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. Putnam also shares our client-focused culture and emphasis on delivering strong investment results. We’re delighted to welcome the talented team at Putnam to Franklin Templeton and are pleased to have Great-West as an investor.”

Jenny Johnson, President and CEO of Franklin Templeton