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Franklin Templeton buys Putnam Investments for $925m

Paul Mahon, chief executive officer of Great-West Lifeco

Bloomberg via Getty Images
By
Steve Gelsi

Franklin Resources, the parent of investment firm Franklin Templeton, on 31 May said it would acquire Putnam Investments from Great-West Lifeco for about $925m.

As part of the deal, Great-West will become a long-term strategic shareholder in Franklin Resources with a 6.2% stake.

Great-West will also provide an initial asset allocation of $25bn...