MutualFundWire.com: Meet the Next Generation of the Power Behind Putnam

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Tuesday, August 23, 2016

Meet the Next Generation of the Power Behind Putnam

The Canadian family that controls the ultimate parent company of Putnam Investments [profile] is preparing to pass the reins to a third generation ... six to nine years from now.

Paul Desmarais Jr.
Power Corporation of Canada
Chairman and Co-Chief Executive Officer

The Wall Street Journal's Anupreeta Das and Kim Mackrael offer a rare glimpse at the Desmarais family behind Canadian multinational giant Power Corp. Paul Desmarais, billionaire founder, passed the reins to sons Paul Desmarais Jr. and Andre Desmarais in 1996. The elder Desmarais died in 2013, and now his sons (Paul Jr. is 62 and Andre is 59) reportedly "plan to retire at around 68" and pass the reins to their 34-year-old sons, Paul Desmarais III (son of Paul Jr.) and Olivier Desmarais (son of Andre).

In the U.S., the Power family includes Putnam, Great-West Investments, and retirement plan provider Empower.

The WSJ article notes that Andre and Paul Jr. have long divided up things like duties, areas of focus, and even socializing. And they aim for their sons to continue that tradition.

Anyone watching Putnam, Great-West, or Empower for the long-term should dig into the full article on "the clan ... sometimes described as the closest thing Canada has to business royalty."

Printed from: MFWire.com/story.asp?s=54664

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