Four of the country’s biggest state pension funds are backing off their push to place directors on the board of Marsh & McLennan, parent to Putnam Investments, the quartet said on Thursday.

The revelation follows MMC pronouncement that it plans to nominate Zachary Carter, a former federal prosecutor to its board of directors, who was endorsed by the foursome. Carter served as a U.S. attorney in New York from 1993 to 1999.

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