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MMC Considering Sale Of Putnam

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Marsh & McLennan Companies Inc. is thinking about selling Putnam Investments.

Michael Cherkasky, president of MMC, New York, has insisted for months that the company would keep all of its parts, including its insurance operations, its human resources consulting business, its investigative services business and its mutual fund business.

But, “over the last few months there have been repeated inquiries from parties interested in either acquiring or partnering with Putnam,” Cherkasky says in a statement. “Therefore, in consultation with MMC’s board, I decided it was in the interest of our shareholders to do a market check to determine the value others would put on Putnam. We have just commenced this process and have not decided to take any specific action in regard to Putnam at this time.”

MMC reported disappointing 2nd quarter results. Securities analysts responded by calling for the company to consider selling some of its parts.