WINNIPEG, June 12 2008 /PRNewswire-FirstCall/ - Great-West Lifeco Inc.
announced today that The Board of Directors of its U.S. subsidiary Putnam
Investments named Robert L. "Bob" Reynolds President and Chief Executive
Officer of Putnam Investments. Charles E. "Ed" Haldeman, currently
President and CEO, Putnam Investments has been named Chairman of Putnam
Investment Management, LLC. Both appointments are effective July 1, 2008.
"Bob brings substantial industry experience, energy, and a fresh
perspective to Putnam's leadership team," said Mr. Jeffrey Orr, Chairman of
The Board of Directors of Putnam Investments. "Along with Kevin Cronin,
Putnam's Head of Investments, and Bill Connolly, Putnam's Head of Global
Distribution, we have a very strong management team to move Putnam
"We welcome Bob to the Putnam team," said Mr. Haldeman. "I personally
look forward to working with him as we continue positioning Putnam to
exceed our clients' expectations."
"For more than two decades, I have known Putnam as a formidable and
respected investment management company, and, quite frankly, a very tough
competitor," said Mr. Reynolds. "Putnam has a strong reputation for its
broad investment management capability, distribution prowess, and
award-winning service. I am honored and excited to join Putnam and lead a
company that has one of the great legacies in the industry."
Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity
Investments from 2000 to 2007. From 1996 to 2000, he was President,
Fidelity Investments Institutional Retirement Group. Previously Mr.
Reynolds held various senior management roles within the Fidelity
Investments organization, beginning in 1984.
A native of Clarksburg, West Virginia, Mr. Reynolds graduated from the
West Virginia University College of Business and Economics in 1974 with a
bachelor's degree in business administration, majoring in finance.
Founded in 1937, Putnam Investments is one of the nation's oldest and
largest money management firms. As of May 31, 2008, Putnam managed US $175
billion in assets, of which US $103 billion is for mutual fund investors
and US $72 billion is for institutional accounts. Putnam has offices in
Boston, London, Frankfurt, Rome, Copenhagen, Sydney, Tokyo and Singapore.
For more information, go to www.putnam.com
About Great-West Lifeco
Great-West Lifeco Inc. (TSX: GWO) is a financial services holding
company with interests in the life insurance, health insurance, retirement
savings, investment management and reinsurance businesses. Lifeco has
operations in Canada, the United States, Europe and Asia through The
Great-West Life Assurance Company, London Life Insurance Company, The
Canada Life Assurance Company, Great-West Life & Annuity Insurance Company,
and Putnam Investments, LLC. Lifeco and its companies have more than $398
billion in assets under administration and are members of the Power
Financial Corporation group of companies.
Cautionary note regarding Forward-Looking Information
This release contains some forward-looking statements about the
Company, including its business operations, strategy and expected financial
performance and condition. Forward-looking statements include statements
that are predictive in nature, depend upon or refer to future events or
conditions, or include words such as "expects," "anticipates," "intends,"
"plans," "believes," "estimates" or negative versions thereof and similar
expressions. In addition, any statement that may be made concerning future
financial performance (including revenues, earnings or growth rates),
ongoing business strategies or prospects, and possible future Company
action is also a forward-looking statement. Forward-looking statements are
based on current expectations and projections about future events and are
inherently subject to, among other things, risks, uncertainties and
assumptions about the Company, economic factors and the financial services
industry generally, including the insurance and mutual fund industries.
They are not guarantees of future performance, and actual events and
results could differ materially from those expressed or implied by
forward-looking statements made by the Company due to, but not limited to,
important factors such as sales levels, premium income, fee income, expense
levels, mortality experience, morbidity experience, policy lapse rates and
taxes, as well as general economic, political and market factors in North
America and internationally, interest and foreign exchange rates, global
equity and capital markets, business competition, technological change,
changes in government regulations, unexpected judicial or regulatory
proceedings, catastrophic events, and the Company's ability to complete
strategic transactions and integrate acquisitions. The reader is cautioned
that the foregoing list of important factors is not exhaustive, and there
may be other factors listed in other filings with securities regulators,
including factors set out under "Risk Management and Control Practices" in
the Company's 2007 Annual Management's Discussion and Analysis, which,
along with other filings, is available for review at www.sedar.com. The
reader is also cautioned to consider these and other factors carefully and
to not place undue reliance on forward-looking statements. Other than as
specifically required by applicable law, the Company has no intention to
update any forward-looking statements whether as a result of new
information, future events or otherwise.
SOURCE Great-West Life Assurance Company