Putnam Investments, a unit of Marsh & McLennan Cos. Inc., said State Street Corp. will provide servicing for $169 billion of assets.
Processing Content
State Street announced Wednesday that it will provide custody, fund accounting, and investment manager operations outsourcing services in support of more than 450 retail, institutional, trust, and offshore portfolios as Putnam consolidates its investment service providers.
As a result of the agreement, about 250 Putnam employees joined the Boston company last month. State Street has provided custody services to Putnam since 2003. Power Financial Corp. announced this month that it plans to acquire Putnam from Marsh & McLennan.
