Marsh & McLennan Cos., the global insurer parent of Putnam Investments, has intensified its own internal regulatory efforts and named E. Scott Gilbert senior vice president and head of compliance, a newly created position.
Gilbert, who was previously chief compliance counsel at General Electric and was assistant U.S. attorney, will report directly to Michael G. Cherkasky, president and chief executive officer, as of Jan. 24.
"We are pleased that Scott will be joining our senior management team," Cherkasky said. "He helped GE become a world leader in compliance and has had extensive experience in the public sector as an assistant U.S. attorney. His individual and our collective commitments to the highest professional and ethical standards have never been more important to our success."
Marsh announced hiring Gilbert after New York Attorney General Eliot Spizter filed a civil suit accusing the company's Marsh subsidiary of milking consumers by intentionally directing bids for new business to other insurers that are known to pay "contingent commissions." More than a year ago, the company's Putnam unit emerged at the epicenter of what has since become a far-reaching series of mutual fund regulatory probes.
