MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, June 2, 2005 Putnam Redux: Is an IPO in the Offing? Is Putnam on the block? Boston Globe columnist Steven Syre makes that assertion in Thursday's Boston Globe. His column comes a day after a Marsh & McLennan Cos. spokesperson told reporters that the fund unit was not being sold. Syre notes a change of tone by Marsh CEO Michael Cherkasky. Three months ago Cherkasky was saying "not going to happen" when asked about a sale, states Syre. Two weeks ago, Cherkasky appeared on CNNC and said that Marsh leaders are evaluating their options. "We're going to be thoughtful about it," Cherkasky said on CNBC. "But I have no ego about having any of these particular businesses. Do they fit and do they give the appropriate return, better inside this company than outside?" The firm has since sold MMV Capital and hired bankers to shop two wholesale insurance brokerage subsidiaries. Wednesday, Putnam CEO Ed Haldeman also addressed the rumors of changes at Marsh. "Because I'm part of the process, it would be unfair of me to categorize or rank possible outcomes at this stage," he said. "I have been trying to reassure employees that something bad is not going to happen to them. If there is a change, I think it's going to be in everyone's best interests." One path to unloading Putnam would be a spin-off to shareholders. By structuring the deal as a spin-off to shareholders, Marsh could avoid paying a tax on its gains. Printed from: MFWire.com/story.asp?s=9815 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |