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Rating:No Plans To Sell Putnam, Says Marsh CEO Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, January 26, 2006

No Plans To Sell Putnam, Says Marsh CEO

by: Armie Margaret Lee

Is Putnam Investments on the auction block or not? The latest word is it isnít.

The chief executive of Putnamís parent company, Marsh & McLennan Cos., told Reuters that there are no plans to put the Boston-based fund firm up for sale.

"The strategy is to keep Putnam, fix Putnam and operate Putnam over the short, medium and long-term," said Michael Cherkasky on the sidelines of the World Economic Forum in Davos on Thursday.

Cherkasky added that he hopes to see positive inflows by the fourth quarter of the year.

Putnam, which has bled assets since it was implicated in a fund trading scandal in the fall of 2003, is a regular target of sale rumors.

Last month, Cherkasky hinted at the possibility of shedding businesses that arenít growing, sparking a fresh round of speculation that Putnam is for sale.

"We will evolve this business," he said at an investment conference in December. "This business will not look the same. It will not have the same components five years from now that it does today."

In the interview with Reuters, Cherkasky said the disposal strategy for some of Marsh & McLennanís small business units was almost complete and the company plans to embark on small acquisitions in specialist consultancy areas. 

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