One of the world's largest mutual fund administrators, Putnam (aka Putnam Investments) provides investment management for institutional and individual customers, offering around 70 mutual funds, as well as 401(k) and IRA services and alternative investments. Putnam offers its funds through independent brokers, dealers, financial planners, banks, and retirement plans. It has agreements with Allstate and Hartford Financial Services to sell variable annuities. Founded in 1937, Putnam has more than $100 billion of assets under management in some 7 million shareholder accounts. Canada-based insurance company Great-West Lifeco bought the company from Marsh & McLennan in 2007.