US - Putnam Investments is to be acquired from Marsh & McLennan Companies by Great-West Lifeco, a subsidiary of Power Financial Corporation, for US$3.9bn.
The transaction is due to be completed by the middle of the year and will see Putnam retain its brand, operations, personnel and offices.
The senior team – led by president and CEO Charles Haldeman - will also be unchanged following the acquisition.
Haldeman was positive about the deal. He said: “With Power Financial, we become part of a long-established and successful organisation that is deeply committed to investment management and financial services.
“This new relationship provides for the greatest degree of continuity, enabling us to continue our mission of taking care of other people’s money by providing consistent, dependable, and superior investment performance over time.”
Jeffrey Orr, president and CEO of Power Financial Corporation added: “The fundamental strength of the Putnam franchise is evident in the quality of its people and its improving investment performance and asset flows.”
Chairman of Putnam funds board John Hill said: “The Board of Trustees is prepared to recommend approval of the transaction pending review of the final agreements because we believe that it is good for investors. The Board is impressed with the acquirer’s management team, its business philosophy and culture, and its strong commitment to Putnam’s employees, investment processes, service, and the Putnam brand name.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.