PanAgora Asset Management

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PanAgora Asset Management, Inc.
Company typeSubsidiary
IndustryInvestment Management
Founded1989; 37 years ago (1989)
FoundersRichard A. Crowell
HeadquartersOne International Place, Boston, Massachusetts, U.S.
Key people
Eric Sorensen (President and CEO)
AUMUS$44 billion (March 31, 2022)
Number of employees
126 (2022)
Parent
Websitewww.panagora.com
Footnotes / references
[1]

PanAgora Asset Management (PanAgora) is an American investment management firm based in Boston. The firm is noted for its usage of quantitative analysis in its approach to investing.[2][3][4] It is a direct subsidiary of Great-West Lifeco and its ultimate parent is Power Financial.[5]

Background

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PanAgora was founded in 1989 by Richard A. Crowell.[2][3] Crowell is considered to be one of the early pioneers of quantitative investing.[2][3] When the firm was founded, Crowell made sure all of its strategies were quantitative.[2] However, later on the firm also incorporated the use of behavioral economics to perform analysis.[2][6]

PanAgora originally was a 50-50 joint venture between Shearson Lehman Brothers and Nippon Life.[7][8] In 1997, Putnam Investments acquired 50% of PanAgora from the shareholder now named Lehman Brothers.[7][9][10] On August 22, 1998, Crowell died from cancer at 57.[8]

PanAgora opened an office in London in 1990 which oversaw around $800 million in assets, mainly for European pension funds.[7][10] However, by 1998, the London office was closed due to lack of profitability.[7][10] PanAgora and DZ Bank formed a joint venture called DG PanAgora in 1998.[7][10] PanAgora exited the joint venture in 2008 by selling its stake to Union Investment, the investment arm of DZ Bank.[11]

In 2004, Eric Sorensen joined PanAgora from Putnam Investments and is currently the president and CEO of the firm.[12] In the same year, Putnam Investments acquired an additional 30% stake of PanAgora from Ippon Life increasing its holding to 80%.[13] In 2018, Putnam Investments acquired the remaining 20% stake of PanAgora from Nippon Life.[14]

Ownership

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PanAgora was directly owned by Putnam Investments which was owned by Great-West Lifeco and ultimately owned by Power Financial.[5] On May 31, 2023, Great-West Lifeco announced that Franklin Templeton Investments would acquire Putnam Investments for $925 million. PanAgora would not be included in the acquisition and would remain under Great-West Lifeco.[15][16][17]

The term Risk parity was coined by Edward Qian in a paper written in 2004.[4][18] Qian is currently Chief investment officer of Multi Asset Investments at PanAgora.[4][18]

References

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