New York-based Marsh & McLennan has agreed to sell its beleaguered Putnam Investments business to Power Corp., a Canadian financial services firm based in Montreal , according to the Wall Street Journal.

The $3.9 billion deal is subject to shareholder and employee approval, as well as that of the board of directors.  Power Corp. is not expected to make dramatic changes to the company, but the deal is contingent on there being no significant swings in Putnam’s performance. Putnam’s President and Chief Executive Charles “Ed” Haldeman Jr., who took the helm after scandals rocked the Boston-based fund company, is expected to keep his post.

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