Putnam Investments will continue its strategic alliance with Nissay Asset Management, the money management arm of Japan-based Nippon Life Insurance Co., through 2020, said Putnam spokesman Jon Goldstein.
The agreement between Putnam and NAM was established in 1998 and last renewed in 2010.
As part of the extended agreement, Putnam will continue to act as an investment adviser for pension fund clients of NAM. Putnam offers international equity and fixed-income investment capabilities to NAM and its clients, with NAM overseeing the selection of Japanese securities.
Under the terms of the alliance, Putnam continues to hold a 10% ownership stake in NAM, with the remaining 90% owned by Nippon Life.
Putnam manages about $5 billion in assets in Japan, including more than $3 billion through its partnership with NAM.
All told, Putnam had $160 billion in assets under management as of April 30. NAM has $68.4 billion in AUM.
