Putnam Investments President and CEO Robert L. Reynolds has been tapped to also head the Boston firm's parent company as it combines its retirement businesses to serve the U.S. marketplace with greater breadth.
In a conference call with reporters yesterday, Winnipeg-based Great-West Lifeco, Inc., announced the appointment of Reynolds as president and CEO of Great-West Lifeco U.S., the company that owns Putnam Investments and Denver-based Great-West Financial. Reynolds also will assume those roles at Great-West Financial after its president and CEO retires in May, but he will continue to hold his positions at Putnam and remain based in Boston.
"Bob has been a driving force of innovation and industry progress in financial services for three decades — having led institutional and retail asset management, insurance and retirement services businesses over the course of his career," said Paul Mahon, president and CEO of Great-West Lifeco.
Under Reynolds' leadership, the retirement businesses of Putnam Investments and Great-West Financial will be combined and offer comprehensive retirement services to small-, mid- and large-sized corporate 401(k) clients, state and municipal employee retirement plans, and public education and nonprofit employee plans. Combined, the two companies have more than 5 million participants and oversee $220 billion in assets.
"We see a huge opportunity to see the businesses collaborate," Reynolds said. "Together we can grow faster than we can grow separately."
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