Regulators continue to hammer away at Putnam Investments, this time over potential conflicts of interest arising from its multiple role as investment advisor, retirement plan servicer and employer, parent company Marsh & McLennan indicated in its 2004 annual financial report. Although it isn't clear how serious some of these legal issues are, MMC devoted 11 pages to discussing them.

The Securities and Exchange Commission is looking into referrals between Putnam, Mercer Consulting and other MMC companies.

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