Great-West Lifeco Inc. announced Friday that it has completed the acquisition of Putnam Investments Trust.

“This acquisition allows Lifeco to achieve, with a single transaction, a major presence in the mutual fund and institutional asset management industry in the United States,” said Raymond McFeetors, Great-West Lifeco’s president and CEO. “This acquisition also broadens our operations in Europe and gives us an entry into Japan.”

Established in 1937, Putnam is one of the oldest and largest investment managers in the United States, with US$193 billion in assets under management at June 30.