Putnam Investments parent Marsh & McLennan on Friday announced plans to chop 750 employees from its payroll and undertake several other cost-cutting initiatives, including consolidating locations and retooling its information technology teams.

By the end of 2008, Marsh & McLennan hopes to save $350 million, the company said in a statement.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.