MMC Merges Two Units
NU Online News Service, July 1, 9:15 a.m. EDT?Marsh & McLennan Companies, Inc., has combined the defined contribution administration business of Putnam Investments with a division of Mercer Human Resources to form one full-service human resources outsourcing unit.
MMC, based in New York, is the parent company of the global insurance broker Marsh.
The new unit, Mercer HR Outsourcing, will offer clients defined benefit administration, defined contribution administration, health and group administration, and other human resources services. MMC said clients will benefit from access to consulting and actuarial expertise, a full array of investment products and services and leading-edge technologies.
The new unit will have combined annual revenues of approximately $500 million worldwide, MMC said.
Brian Storms, vice chairman of Mercer Human Resource Consulting, will oversee the organization. The U.S. business will be led by Dave Carlson, current national practice leader for human resources outsourcing at Mercer Human Resource Consulting.
Employees of both businesses will become part of the new business, MMC said, and no immediate change to client accounts or business locations.
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