Putnam Investments and Nissay asset management to extend alliance through 2020

BOSTON, June 1, 2015 — Putnam Investments today announced that it will continue its strategic alliance through 2020 with Nissay Asset Management (NAM), the asset management arm of Nippon Life Insurance Company, the largest life insurance company in Japan.

The agreement between Putnam and NAM, originally established in 1998 and last renewed in 2010, focuses on managing and providing investment products and services to Japanese institutional and retail investors. Putnam continues to hold a 10% ownership stake in NAM, with the remaining 90% owned by Nippon Life.

As part of the extended agreement, Putnam will continue to serve as a sub-adviser for retail funds distributed by NAM and will also continue to act as an investment adviser for pension fund clients of NAM. Putnam offers a wide range of international equity and fixed income investment capabilities to NAM and its clients, with NAM overseeing the selection of Japanese securities.

“We are proud to be working with Nissay Asset Management in addressing the needs of the retail and institutional investment marketplace in Japan,” said Putnam President and Chief Executive Officer Robert L. Reynolds. “Putnam is excited to extend this successful partnership and continue serving one of the world’s most important investment centers.”

Putnam manages approximately $5 billion in assets in Japan, including over $3 billion through its partnership with NAM. The firm has an office in Tokyo, which provides clients with product management and development and client service. Putnam first established its Tokyo office in 1983, making it one of the earliest U.S. entrants into that market.

“The partnership between our two organizations for nearly twenty years has provided the Japanese investor with professionally managed, diversified products designed to help meet well-defined investment objectives,” noted Bill Connolly, Co-Head of Global Distribution for Putnam. “Our combined resources have effectively delivered a robust blend of investment solutions, coupled with firm commitment to outstanding client service.”

Nippon Life, the majority owner of NAM, has broad access to pension fund clients and retail distribution capabilities across Japan. Under the terms of the agreement renewal, NAM will continue to be jointly owned by Nippon Life and Putnam. Both firms have affirmed their strong commitment to growing their Japan asset management business together in both the institutional and retail areas.