MMC exploring options for Putnam

NEW YORK--Marsh & McLennan Cos. Inc. on Tuesday said it is exploring potential alternatives for its Boston-based investment management subsidiary, Putnam Investments.

In a statement, MMC President and Chief Executive Officer Michael G. Cherkasky said there have been "repeated inquiries" over the past few months from interested parties wanting to either partner with or acquire Putnam. "Therefore, in consultation with MMC's board, I decided it was in the interest of our shareholders to do a market check to determine the value others would put on Putnam."

Mr. Cherkasky noted that the process has only just begun and the company has not decided whether to take any specific actions.