The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A Canadian Multinational Keeps Hunting For U.S. Asset Managers Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 09, 2018

A Canadian Multinational Keeps Hunting For U.S. Asset Managers

News summary by MFWire's editors

A publicly traded Canadian multinational that already owns one asset manager in the U.S. may buy another.

"While investment performance continues to be strong at Putnam [profile], scale remains an issue and we continue to explore M&A opportunities," Paul Mahon, president and CEO of Great-West Lifeco, said on Great-West's Q1 2018 earnings call last week, the Boston Business Journal reports. Toronto-based Great-West bought Boston-based Putnam in 2007.

The way Mahon portrays it, Great-West is in no rush and can afford to be patient and choosy as it hunts for other U.S. asset managers to buy.

"There's nothing that's traded in the U.S. ... that we would have wanted or that we were seeking out," Mahon reportedly said. "I wouldn't characterize it as a sense of urgency that we've got to get something done this quarter or next quarter ... We've got to find the right-fit acquisition that fits our strategic hypothesis as to where we see growth."

Putnam is led by Bob Reynolds, who also oversees all of Great-West's U.S. businesses. That includes a giant retirement plan recordkeeper, Empower, and Mahon confirmed that Great-West is M&A hungry on that front, too. Indeed, back in February, Empower chief Ed Murphy talked with our sister publication, 401kWire, about Empower's M&A interests.

Putnam suffered a net loss of C$16 million, up from a C$5 million net loss in Q4 2017 but level with a C$16 million loss in Q1 2017. Putnam's Q1 sales slipped 1 percent year-over-year to $10.504 billion, while its "fee and other income" rose 5 percent to $230 million and its operating expenses rose 3 percent to $185 million. Its AUM rose 6 percent year-over-year, but slipped 1.2 percent from Q4 2017, to $169.5 billion at the end of March. Great-West Lifeco overall reported a 24-percent year-over-year Q1 earnings jump. 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. IDC Foundations for Fund Directors, Mar 1-2
  2. MFDF webinar - Board Oversight of ETFs, March 3
  3. FinReg Outlook 2021, March 10
  4. MFDF Director Discussion Series - Open Forum via Zoom (Midwest), March 10
  5. Irish Funds North American Digital Seminar, March 11
  6. MFDF webinar - Municipal and Taxable Fixed Income — A Multi-Speed Recovery, March 12
  7. 2021 Virtual Mutual Funds and Investment Management Conference, Mar 15-19
  8. SEC & DOL Standard of Conduct Rulemakings — Present & Future Considerations, March 23
  9. MFDF Director Discussion Series - Open Forum via Zoom, March 24
  10. ETFGI Global ETFs Insights Summit - ESG & Active ETF Trends, Mar 24-25
  11. MFDF webinar - Asset Management M&A for Fund Directors — Recent Trends and Governance Issues, March 31
  12. MFDF Director Discussion Series - Open Forum via Zoom, April 7
  13. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  14. ETF.com Awards 2020, April 20
  15. The 31st Sub-Advised Funds Forum, Apr 20-21
  16. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  17. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  18. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  19. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  20. ICI 2021 General Membership Meeting - Day 1, May 6
  21. ICI 2021 General Membership Meeting - Day 2, May 13
  22. 2021 FINRA Annual Conference, May 18-20
  23. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  24. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  25. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
  26. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use