NEW YORK – Marsh and McLennan Cos. Announced Wednesday it will not sell its asset management business Putnam Investment and has no plans to do so in the future, Reuters reported.
“While strategic review is under way, there are no current plans to sell,” a company spokesperson told Reuters. “At this time every year, Marsh does a strategic review of all of its businesses.”
Putnam was one of the mutual fund companies forced to pay billions of dollars in fines and restitution after regulators found abuse of rules in buying and selling mutual fund shares, Reuters reported. Marsh agreed to pay $850 million to settle allegations of bid-rigging in the insurance market.