After several years of nibbling away at individual books of business in the U.S., Great-West Lifeco Inc. has finally landed a big fish.

The Winnipeg-based giant has purchased Boston-based Putnam Investments Trust, the asset-man-agement business of Putnam Investments Inc. , for $4.6 billion.

The move makes Great-West a significant player in the U.S. mutual fund and institutional asset-management industries, while also expanding its international footprint, says CEO Ray McFeetors.

Putnam, established in 1937, has about 3,000 employees and US$192 billion in assets under management at offices in Boston, London and Tokyo.

Ed Haldeman, president and CEO of Putnam, says the acquisition will be “very good” for Putnam’s clients, financial advisors, strategic partners and employees.

As with other Great-West acquisitions, such as London Life Insurance Co. and Canada Life Assurance Co. , Putnam will operate as a separate business unit of Great-West, and retain its name and existing management.

The transaction, expected to close by the end of the second quarter, will be financed by a number of sources, including internal resources and up to $1.2 billion in proceeds from an issue of Great-West common shares.

André-Philippe Hardy, research analyst with Merrill Lynch Canada Inc. in Toronto, calls the move a “positive” one for Great-West. IE