Power Financial has confirmed it is in talks with Marsh & McLellan about purchasing its Putnam Investments unit.
In a statement released last night, the company said: “At this time, no agreement has been reached by the participants in the process.”
It released the statement as a result of recent media speculation and following discussion with the Toronto Stock Exchange.
Media reports have said Power Financial will buy Putnam for US$3.9 billion.
At the end of November 2006, Putnam had $191 billion in assets under management, with mutual fund assets of $123 billion and institutional assets of $68 billion. The firm has 204 institutional clients, and more than nine million shareholders and retirement plan participants.
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