Marsh & McLennan has today confirmed the sale of Putnam Investments to Great-West Lifeco for $3.9bn in cash.
Putnam, which is one of the largest investment management firms in the US, had some $192bn under management at the end of 2006.
Michael Cherkasky, president and chief executive officer, described the transaction as an important one for both MMC and its shareholders. "We will receive an attractive price for Putnam, strengthen our ability to focus on our core businesses, and significantly enhance our financial flexibility."
He added that sale proceeds would serve to increase the flexibility of the company allowing it to "consider a number of desirable options to further strengthen our company such as investing in our business, stock repurchases, and debt reduction."
Cherkasky concluded, "The sale of Putnam will enable MMC to focus on strengthening the global leadership positions of our market-leading risk and human capital businesses. We are very positive about our future and believe the successful completion of this transaction will aid in driving our growth and meeting our commitments to our shareholders, clients, and employees."
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