Power Financial, a Canadian insurance company, is interested in possibly acquiring Putnam Investments as a way of gaining an entrée to the U.S. mutual fund industry, the Globe and Mail reports, citing investment banking sources familiar with the matter.

Power Financial owns Great-West Lifeco, and in so doing, is a major player in the U.S. insurance industry. It also owns IGM Financial, which is parent company of Canadian mutual fund firms Investors Group and Mackenzie Financial.

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