Putnam Investments LLC, the Boston- based investment manager run by Robert Reynolds, eliminated 78 jobs, or 4.4 percent of its workforce, yesterday after clients pulled money from the company’s funds and assets shrank in 2011.
President Barack Obama’s new retirement accounts lack the most popular features of 401(k) plans. They offer no matching contributions, no prospect for eye-popping returns and no track record of employer support.
Manulife Financial Corp., Canada’s largest benefits provider, and Sun Life Financial Inc. are among the nation’s insurers that have boosted revenue from money management as they shun variable annuities.
JPMorgan Chase & Co., the largest U.S. lender, agreed to sell its large-market 401(k) recordkeeping business to a division of Canadian life insurer Great-West Lifeco Inc. Terms of the transaction weren’t disclosed.