GLOBAL - Mercer realised a 16% increase in specialty consulting revenues in the third quarter, according to parent company Marsh & McLennan Companies (MMC).
Reporting its financial results for Q3, MMC said Mercer’s total revenues were up 4% over the quarter to US$936m, boosted by strong growth in specialty consulting.
The 16% increase in specialty consulting revenues to $222m was driven by strong growth in Mercer Oliver Wyman and solid results in strategy and operations consulting, MMC said.
Mercer Human Resource Consulting reported marginally improved revenues of $668m in the quarter, compared with $666m last year. Retirement consulting revenues remained essentially unchanged.
Mercer’s progress comes in stark contrast to Putnam, where revenues continued to decline in Q3, dropping 11% to $371m. This was consistent with the percentage declines in the prior two quarters.
Average assets under management during the third quarter were $195bn, compared with $209bn in the third quarter of 2004, while net redemptions in the quarter were $8.5bn.
Total assets under management on September 30, 2005 were $192bn, comprising $129bn of mutual fund assets and $63bn of institutional assets.
MMC’s consolidated revenues for the quarter decreased 2% to $2.9b. Net income was $65m, an increase from $21m in the third quarter of 2004.
For the nine months of 2005, consolidated revenues were unchanged at $9.2bn. Net income was $365m, compared with $856m in the 2004 period.
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.