Billionaire Desmarais Family Turns Page on Woeful Putnam Era With Franklin Deal

‘We struggled financially and economically,’ CEO Orr says
Great-West bought the US firm in 2007 for about $3 billion

Paul Desmarais Jr. was co-chief executive officer of Power Corp. of Canada, alongside his brother, Andre Desmarais, when the group’s Great-West Lifeco insurance unit bought Putnam in 2007. Photographer: Benjamin Girette/Bloomberg

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By Mathieu Dion

May 31, 2023 at 7:28 PM UTC

Updated on

May 31, 2023 at 9:25 PM UTC

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The Desmarais family’s decision to sell Putnam Investments marks the end of a failed effort to turn around the fund manager, one that cost its Canadian owners well over $1 billion.

Great-West Lifeco Inc., which is controlled by the billionaire Montreal family, is selling Putnam after almost 16 years to Franklin Resources Inc. Franklin will pay an initial $925 million, mostly in shares.