Putnam Investments and Nippon Life Insurance Company (NLI) announced the completion of a change in ownership of PanAgora Asset Management on Wednesday.

Putnam increased its stake in PanAgora from 50 percent to 80 percent. NLI will continue to hold the remaining 20 percent of the company. Officials stated that a subsidiary of NLI will continue to provide PanAgora products in Japan.

"The new structure gives our clients expanded access to a superior quantitative investment capability, an enhanced level of client service and a strong infrastructure for operations and distribution," said Eric Sorensen, president and chief executive officer of PanAgora.

PanAgora managed $13.4 billion in institutional assets at the end of June. 

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