US - Assets under management at Putnam Investments have fallen $20bn year on year to 30 June, reported parent Marsh & McLennan today.
As a result, revenues at the manager were down 13% in Q2 to $377m.
Year on year to 30 June, Putnam’s mutual fund assets under management fell from $148bn to $132bn, and institutional assets are down from $213bn to $195bn.
Separately, Mercer Human Resource Consulting, also part of Marsh & McLennan, saw a 6% increase in revenues during the second quarter to $963m.
Michael G. Cherkasky (pictured), president and CEO of MMC, said: “A number of our businesses had very strong results this quarter, such as Kroll, Mercer Management Consulting, and Mercer Oliver Wyman. Within Mercer Human Resource Consulting, there is increased demand for bundled solutions in retirement and benefits outsourcing, and the early response by US clients to the launch of Mercer Global Investments products has been excellent.
“At Putnam, investment performance continues to improve, mutual fund redemptions are stable, and sales initiatives in both retail and institutional channels are showing promise.” Mercer Human Resource Consulting’s revenues increased slightly in the quarter to $687m.
Mercer’s specialty consulting businesses reported strong performance up 22% to $229m, reflecting particularly strong growth at Mercer Management Consulting, Mercer Oliver Wyman, and NERA Economic Consulting.
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