Sagging equity markets and the Sept. 11 tragedy amounted to a tough third quarter for insurance giant Marsh & McLennan Cos. and its subsidiary, Putnam Investments. Marsh’s third quarter profits plummeted 40% and Putnam’s third quarter operating income dropped 30% from the same period last year.

Putnam’s third quarter revenues fell 29% to $616 million and it experienced $3 billion in net redemptions for the third quarter.It ended the third quarter with $286 billion in assets under management compared to $406 billion for the same period the prior year, the company said.

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