Boston-based Putnam Investments is raising its ownership stake in Canada's Sceptre Investment Counsel Ltd. The fund firm is purchasing 680,000 common shares of the Toronto-based investment management company, raising its stake to just less than 10 percent, according to Dow Jones Newswires.

The two firms have had a strategic alliance making Sceptre the exclusive Canadian marketer of its new institutional, alliance and subadvisory clients of Putnam Global and International and US investment products since September of 2000. The firms launched eight Putnam funds for Canadian investors in March of 2002.  

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