Putnam Investments’ parent company has agreed to sell the asset manager, one of the largest financial services companies headquartered in Boston, to Franklin Resources Inc. for about $925 million.
The sale by Putnam’s parent, the Canadian finance giant Great-West Lifeco Inc., is part of a larger strategic partnership with San Mateo, California-based Franklin announced Wednesday. Franklin does business as Franklin Templeton.
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Putnam CEO Bob Reynolds is one of the highest-profile executives in Boston. He is a member of the Massachusetts Competitive Partnership, a collection of high-powered Bay State CEOs across industries, and has chaired the business group Massachusetts High Technology Council.
In a statement, Reynolds called the sale to Franklin Templeton “an exceptional opportunity for our company.” Putnam has $136 billion in assets under management.
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“We share a client-centric culture, a core belief in active management, a collaborative and research-based investment approach, and a long-held commitment to fundamental investment principles,” Reynolds said in a statement.
