Delaware Investments is less interested in acquiring a money manager focused on institutional clients than in acquiring a "fund complex that might need the performance that we think we can provide, and has the assets," President Patrick P. Coyne said in response to a question about potential M&A activity at parent company Lincoln Financial's annual conference for investors and bankers. Lincoln Financial reportedly remains a bidder for Putnam Investments. Mr. Coyne wasn't asked directly about Putnam, and he couldn't be reached today for further comment. Delaware spokeswoman Laurel O'Brien declined to comment about "market speculation."
At the conference, Mr. Coyne also said he couldn't rule out some defections from the firm's fixed-income manager lineup, in response to a question about whether the August departure of his predecessor, Jude T. Driscoll, could prompt some of the strong portfolio management teams Delaware lifted out during Mr. Driscoll's tenure to leave as well.