Great-West Lifeco, which became the parent of Putnam Investments last year, is spending $175 million to restructure the Boston asset manager. The restructuring, which includes the exit of certain operations, is expected to be complete by the end of next year, according to Great-West's earnings release issued Wednesday.

A call to Great-West spokeswoman Marlene Klassen on Wednesday seeking details on the restructuring was not immediately returned.

Recent evidence of the restructuring campaign can be found in the recent hire of industry legend Bob Reynolds as well as the hires of several new portfolio managers. 

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