GLOBAL - Marsh & McLennan has reported that revenues of its subsidiaries Mercer and Putnam have increased by 17% and 18% in the fourth quarter.
For the year, Mercer’s revenues grew by 15% to $2.7bn while revenues of Putnam, while was caught up in the market timing scandal last year, declined 8% to $2bn.
Mercer’s operating income rose 11% to $363m for 2003.
Jeffrey Greenberg, chairman, said: Mercer grew revenues in spite of a difficult consulting operating environment. We successfully integrated Oliver Wyman with Mercer Management Consulting, adding important capabilities to our risk and strategy consulting services. We also made several other acquisitions to broaden our global retirement and benefits consulting business.
“As economies around the world continue to revive, a number of Mercer's practices are showing improved growth, and we see continued demand worldwide for Mercer's retirement and benefits services.”
Putnam’s operating income declined by 10% to $503m for the year and total assets under management fell to $240bn from $251bn at year-end 2002.
Greenberg said: “We continue to invest in Putnam to strengthen its business. With MMC's support, Putnam's new leadership team, headed by chief executive Ed Haldeman, is working to restore the confidence of its investors, distribution partners, and employees.
“Putnam is committed to delivering consistent, dependable, and superior investment performance, is providing greater fund disclosure, and is reducing shareholder costs. Investment management is a growing business around the world, and we believe will be an important source of long-term growth for MMC.”
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