Investment manager firm Putnam Investments sold for $925 million

Great-West Lifeco has agreed to sell Boston-based Putnam Investments for $925 million to global asset manager Franklin Templeton.

Franklin Templeton said in an investor presentation that it is "committed to a significant presence in Boston" and that its execution plan is designed to "minimize disruption to investment teams and client relationships."

"Combining Putnam's asset management business with Franklin Templeton's scaled and diversified platform is an exceptional opportunity for our company," Putnam CEO Robert Reynolds said in a statement on Wednesday.

Franklin Resources Inc., whose subsidiaries operate as Franklin Templeton, is based in California and has offices in more than 30 countries. It had about $1.4 trillion in assets under management as of April 30.

The transaction is expected to close in the fourth quarter of 2023. At the end of April 2023, Putnam had $136 billion in assets under management.