Putnam Investments of Boston is increasing its ownership of Toronto money manager Sceptre Investment Counsel Ltd. by 5%.
Effective Friday, Putnam will purchase 680,000 common shares of Sceptre at a price based on the 60-day average share price immediately preceding the purchase of these shares. This will bring Putnam’s ownership in Sceptre to just under 10%.
“This purchase is an expression of our confidence in the quality of the Sceptre management team and in the strength of its investment management,” said John Boneparth, Putnam senior managing director and head of international business.
Putnam established an alliance with Sceptre three years ago. Under the terms of that agreement, Sceptre became the exclusive Canadian marketing agent for all Putnam Global, International and U.S. investment products for new Institutional and Alliance/Sub-advisory clients who currently number more than 50.
In March 2002, Sceptre and Putnam launched eight new mutual funds, the first Putnam products available to Canadian retail investors.