Fund Times: Putnam Sale Finalized
Plus, news on Fidelity's new small-cap fund, TCW cuts bond-fund costs, and more.
Rumors circulated widely in the press last week that Marsh & McLennan Companies' (MMC) proposed sale of Putnam Investments to Canadian firm Power Financial Corp. might not go through; however, the firms announced Feb. 1 that the deal had, in fact, been finalized. Putnam will be acquired by Great-West Lifeco Inc., a Power Corp subsidiary, for $3.9 billion. The transaction is expected to close by midyear 2007.
Changes for Putnam investors, it seems, will be few. "Putnam will retain our name, brand, and headquarters in Boston and other locations. Putnam's President and Chief Executive Officer Ed Haldeman will continue to lead Putnam. Putnam's senior team, including investment management and business professionals, will remain in place. ... (and) There will be no changes to the way we manage money or to our investment processes," wrote Putnam senior managing director William Connolly Jr., in a letter to clients.
Lawrence Jones does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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