Power Financial is considering an offer to buy Putnam Investments for more than US$3.5 billion, according to a newspaper report.

The company, which controls IGM Financial and Great-West Lifeco, is reportedly looking to expand outside of Canada.

Putnam has $191 billion in assets under management, 204 institutional clients, and more than nine million shareholders and retirement plan participants.

UniCredito Italiano and AIM Trimark’s parent company, Amvescap, are also said to be potential bidders for Putnam.

Marsh & McLennan expects to make a decision on the sale of its Boston-based subsidiary early next year.

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