Robert L. Reynolds will remain with Great-West Lifeco after the completion of the firm's recently announced deal to sell its Putnam Investments subsidiary to Franklin Templeton, a Putnam spokesman confirmed.
Mr. Reynolds will remain president and CEO of Putnam through the close of the deal, expected in the final quarter of 2023, the spokesman said.
Also through the deal's close, the industry veteran will remain chairman of Great-West Lifeco U.S., the holding company for Putnam and the Winnipeg-based parent's other U.S. money management business, quantitative boutique PanAgora Asset Management, as well as its Empower U.S. retirement plan record-keeping business, the spokesman said.
Mr. Reynolds' role at the holding company after the deal closes remains to be decided, he said.
PanAgora, meanwhile, wasn't included in the sale to Franklin Templeton and will remain under Great-West Lifeco.
At the close of the transaction, Mr. Reynolds will stay with Great-West Lifeco and its parent company Power Corp., in part to further the partnership between them and Franklin Templeton.
He will remain the chairman of PanAgora and continue to serve on the board of Empower beyond the close of the transaction.
The deal Great-West and Franklin Templeton announced May 31 called for Franklin Templeton to acquire Putnam from Great-West Lifeco for between $950 million and $1 billion in stock and cash, with up to $375 million in future payments contingent on meeting certain growth targets.
In addition, Great-West agreed to allocate at least $25 billion in long-term assets to Franklin Templeton's money management affiliates over a 12 month period following the deal's completion.
