BOSTON, August 28, 2023 - The Trustees of The Putnam Funds have declared the following distributions. This announcement comes as two highly regarded asset management companies, Franklin Templeton and Putnam Investments, have agreed to merge. The deal, valued at $925 million, will enable Franklin Templeton to expand its business in the alternatives and retirement plans sectors. The transaction also involves Great-West Lifeco making a substantial investment in Franklin Templeton.
Franklin Templeton, a global investment management firm operating as Franklin Resources Inc., plans to pay up to $1.3 billion in stock and cash for the acquisition of Putnam Investments. The deal will position Franklin Templeton as a leading player in the asset management industry. As part of the acquisition, PanAgora, an investment management subsidiary of Putnam, will remain with the firm.
Putnam Investments, a Boston-based global money management firm, has been a cornerstone of the community for decades. The merger with Franklin Templeton raises questions about the future of Putnam's extensive operations in Boston. The new corporate parent will likely bring changes, but the specific impact on the fund manager's operations is currently unclear.