Marsh & McLennan, a global professional services provider, announced it has no intent to sell its money management unit Putnam Investments, Reuters reports. The announcement should relax speculation regarding the possibility that the company would spin Putnam off, which was provoked by a recent report in which MMC considered the sale of Putman as the result of an internal review.
"While the strategic review is under way, there are no current plans to sell Putnam," an official said. The Putnam spin-off was expected to follow the recently completed sale of MMC Capital, Marsh's private equity wing.
Putnam Investments manages approximately $196 billion in assets, with 212 institutional clients and about 11 million shareholders and retirement plan participants.
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