Putnam Investments said Wednesday that Mackenzie Investments of Toronto, a sister company, had named it the sub-advisor to two fixed-income funds with about $1.75 billion in assets. Putnam assumed portfolio management responsibilities for the two funds — the Mackenzie Sentinel Corporate Bond Fund and Mackenzie Sentinel Registered North American Corporate Bond Fund – on June 1.
Both Mackenzie Investments and Putnam Investments are affiliates of Power Financial Corporation of Canada.
“We are pleased that Mackenzie Investments has selected Putnam to help manage a number of its key fixed-income solutions in the Canadian marketplace,” said Putnam President and CEO Robert Reynolds (left) in a press release.“The selection is a solid endorsement of Putnam’s strong, time-tested investment work in the corporate credit realm and the strong reputation the firm has built in the marketplace.”