It is looking more and more like Putnam is on the block. Despite Marsh's denial of the first report that it is shopping Putnam, the Boston papers are all over the story. While the Boston Herald heard Putnam CEO Ed Haldeman telling Boston business leaders that "all options are on the table," the Globe says that Marsh has hired pair of investment bankers to put together a package.

Relying on unnamed company sources, the Globe names Goldman Sachs Group and CitiGroup Inc. as the two investment bankers reviewing Putnam's future at Marsh & McLennan. It adds that they are also reviewing the Mercer human resources and consulting business.

In addition, the Globe reports based on company officials who heard or were briefed on a presentation by Marsh CEO Michael G. Cherkasky, that the CEO told "some employees" that there is a "high" likelihood of some "transformational event"

The paper points out, though, that Haldeman also told the Greater Boston Chamber of Commerce that it is still possible that Putnam stays in Marsh.

The Herald made that talk the center of its coverage of a possible sale. That speech was filled with potential clues. At one point Haldeman recounted the disappearance of New England shoe manufacturers, drawing a line between their fate and the possible fate of the Boston fund industry. One problem, said Haldeman, is that there are too many fund firms.

"There are 120 mutual fund 'families' and 5,000 mutual funds," he told the Boston business leaders. "That's too many. The world doesn't need that many. I would expect over the next ten years there to be substantial consolidation."

Notably, Haldeman grossly undercounted the number of fund families: there are more than six hundred by the MFWire's count.  

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