Putnam Investments sold for $3.9 billion

Putnam Investments today announced that it is being acquired by Great-West Lifeco Inc., a subsidiary of Power Financial Corp. in Montreal, for $3.9 billion.

The terms of the deal, which is expected to close by the middle of the year, call for Putnam to remain headquartered in Boston and led by its existing senior management team, which includes chief executive Charles E. Haldeman Jr.

“Putnam was fortunate to have a number of interested purchasers,” said Mr. Haldeman in a statement released early this morning. “ We are joining the Power Financial group because it is in the best long-term interests of our investors, clients, financial advisors, strategic partners, and employees.”

The acquisition of Putnam, which had been rumored for months, marks the end of a saga for the Boston-based money manager, which several years ago found itself at the center of the mutual fund trading scandals. Putnam, which had $192 billion in assets under management at the end of the year, is one of the nation’s oldest money management firms and is owned by New York insurance broker Marsh & McLennan Cos.