Marsh & McLennan denies report
(Bloomberg) ? Marsh & McLennan Cos., which announced this week it was soliciting offers for its Putnam Investments unit, denied a newspaper report that the company may sell more than its asset management business.
The Daily Telegraph of London, citing unnamed sources, reported the world?s largest insurance broker may seek bids for other parts of the New York-based company should it sell Putnam. Marsh & McLennan also owns consultant Mercer Inc., investigative firm Kroll Inc., and brokerage units Marsh Inc. and Guy Carpenter & Co.
?There?s no thought to break up the rest of the company,? said Marsh & McLennan spokeswoman Robin Liebowitz. ?The other parts are a clear synergistic fit within our core area of risk management expertise.?
Liebowitz reiterated that no decision had been made on Boston-based Putnam. ?It?s not a given that Putnam will be sold,? she said. ?We?re engaging in a market check.?
Marsh & McLennan chief executive officer Michael Cherkasky dismissed the notion of splitting the company up in a September 15 interview, referring to an August conference call in which he told investors the company was better off as one.
?We think that, as I said in the conference call, for us, we?re in the right spot,? he said at the time.
