Putnam Investments signed a letter of intent to increase its ownership...

Putnam Investments signed a letter of intent to increase its ownership of PanAgora Asset Management to an 80% majority voting interest, from its current 50% interest, according to a news release. Nippon Life Insurance, Putnam's strategic partner for marketing in Japan and Asia, will reduce its voting interest to 20%, from 50%. The changes are expected to help PanAgora expand its global business in response to increased institutional interest in quantitative strategies, according to the news release. Nissay Asset Management, a subsidiary of Nippon, will continue to distribute PanAgora funds and strategies in Japan. The terms of the deal, which becomes effective mid-May, were not disclosed. Edgar Peters will remain PanAgora's chief investment officer, and the firm will continue to operate as a fully autonomous business.