In a deal expected to close on May 14, 2004, Putnam Investments
will acquire a 30 percent stake in PanAgora Asset Management
from Nippon Life Insurance Co.
, Putnamís strategic partner in Japan. The move brings Putnamís total stake in PanAgora to 80 percent.
, chief investment officer of Putnam's structured equity products, will become chief executive officer of PanAgora, whose current CEO and president, William Poutsiaka
, will become chairman.
Poutsiaka said in a statement that the company hopes to capitalize on institutional investorsí increased demand for quantitative investment products. The deal will give PanAgora increased distribution and operational infrastructure and should pave the way for increased U.S. sales.
The deal will "help Putnam leverage our own quantitative management capabilities and resources by centralizing them in a distinct organization with a unique focus," said Charles "Ed" Haldeman
, Putnamís president and chief executive officer.
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