Putnam Investments, after being hit by the market-timing scandal, poor performance and the loss of 75% of its assets, is starting to turn around, Great-West Lifeco CEO Allen Loney told Bloomberg. Great-West acquired Putnam from Marsh & McLennan Cos. for $3.9 billion in 2007.
Were starting to see some signs of progress, he said. What weve got to do is keep this up for quite some time to achieve what were aiming for with this company.
Loney complimented Putnam CEO Robert L. Reynolds for the turnaround, citing new products, a new team and compensation structure that promotes performance. Loney said that Great-West believes Putnam can achieve something approaching its former preeminence.