New York, N.Y. -- Marsh & McLennan Companies, Inc. has formed a new organization which will bring together the defined contribution administration business of Putnam Investments and Mercer HR Outsourcing to create a unified, full-service human resources outsourcing enterprise.
With a broader range of people, products and services, Mercer HR Outsourcing will offer its clients a global human resources outsourcing solution--including defined benefit administration, defined contribution administration, health and group administration along with other human resources services.
"We see this combination as an important opportunity to serve clients better in the changing and growing benefits and human resources market," says Jeffrey W. Greenberg, Chairman and Chief Executive Officer of MMC. "By bringing together Putnam's and Mercer's strong benefits administration businesses into one cohesive human resources outsourcing organization, we will be able to deliver the total retirement outsourcing and other human resources solutions that our clients increasingly need."
Mercer HR Outsourcing will have combined annual revenues of approximately $500 million worldwide. Brian Storms, the newly appointed 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 and formerly the Chief Executive Officer and co-founder of Synhrgy HR Technologies, which was acquired by Mercer Human Resource Consulting earlier this year.
"Having built one of the most service-oriented defined contribution businesses in the industry, we at Putnam now see the business and market evolving to the point where our defined contribution clients will receive greater value if the administration of their retirement plans is handled by a total human resources organization," says Ed Haldeman, Chief Executive Officer and President of Putnam. "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 reorganization, which has been planned for over a year, will benefit both our clients and employees."
Employees of both entities will become part of the new business, and there will be no immediate change to client accounts or business locations.