Marsh & McLennan Companies Inc. said it has sold its investment subsidiary Putnam Investments for $3.9 billion to a Canadian investment firm.
This morning's announcement said the New York-based services company, the parent company of the insurance brokerage firm Marsh Inc., has sold Putnam to Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corp.
The deal is expected to close in the middle of the year and is subject to regulatory approval.
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