GLOBAL - Marsh & McLennan Companies (MMC) today said that it will merge the defined contribution administration business of Putnam Investments with Mercer HR Outsourcing to create a new full-service global human resources outsourcing firm.
The new company to be called Mercer HR Outsourcing will have combined annual revenues of approximately $500m worldwide and will have employees of Putnam and Mercer, both subsidiaries of MMC.
Mercer HR Outsourcing will offer clients a global human resources outsourcing solution—including defined benefit administration, defined contribution administration, health and group administration, and other human resources services.
Jeffrey Greenberg, chairman and CEO of MMC said: We see this combination as an important opportunity to serve clients better in the changing and growing benefits and human resources market.
“By bringing together Putnam's and Mercer's strong benefits administration businesses into one cohesive human resources outsourcing organisation, we will be able to deliver the total retirement outsourcing and other human resources solutions that our clients increasingly need.
Brian Storms, the newly appointed vice chairman of Mercer Human Resource Consulting, will oversee the new company and Dave Carlson, current national practice leader for human resources outsourcing at Mercer, will lead the US business.
Ed Haldeman, CEO and president of Putnam added: Putnam will continue to manage investments of our plan participants as well as investments and servicing of all our other institutional and retail clients and advisors. We are confident that this reorganisation, which has been planned for over a year, will benefit both our clients and employees.
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