Mercer and Putnam Announce New Service Agreement for Taft-Hartley Market.BOSTON & NORWOOD, Mass. -- Mercer and Putnam Investments Putnam Investments was founded in 1937 by George Putnam. At the same time, he founded its first mutual fund offering, The George Putnam Fund of Boston. Putnam has offices in London and Tokyo, and its headquarters is located in Boston, Massachusetts. announced today that they have entered into an agreement effective July 1, 2009, whereby Mercer will assume responsibility for all plan-related services for existing Taft-Hartley clients previously serviced jointly by the two companies. Putnam will focus exclusively on the investment management component of these plans, as it continues to grow its full-service corporate retirement business. Terms of the agreement were not disclosed.
In addition to continuing to provide all recordkeeping and administration services- including call center support and technology solutions for these clients- under the new agreement, Mercer will assume responsibility for overall relationship management and sales support, as well as member communication and education programs. Putnam will continue to make the full breadth of its investment products and expertise available to existing and prospective Taft-Hartley clients. Going forward, Mercer will pursue new Taft-Hartley administration opportunities under the Mercer brand.
As part of the agreement, Mercer will add current Putnam communication capabilities and relationship management to its staff. Bringing more than 40 years of collective Taft-Hartley experience, Patrick White Noun 1. Patrick White - Australian writer (1912-1990)
Patrick Victor Martindale White, White , John Hume John Hume (born 18 January 1937) is an Northern Irish politician, founding member of the Social Democratic and Labour Party and co-recipient of the 1998 Nobel Peace Prize, with David Trimble. , and Arthur Georgantas, will join Mercer from Putnam as Relationship Managers. Also joining Mercer's Taft-Hartley Relationship Management team is Ken Sullivan. Mr. Sullivan brings 11 years of defined contribution experience to his position, including nine years with Putnam Investments.
"We are very pleased to expand Mercer's relationship with the Taft-Hartley market, its consultants, members, trustees, and fund offices," said Michael Sternklar, COO and Head of the Americas for Mercer's outsourcing business. "Mercer brings many years of experience in providing Taft-Hartley plan administration services in conjunction with Putnam. Combining the relationship management team from Putnam with our well-known, world-class service capabilities is a true springboard to growing the business as an integral part of Mercer's strategic plan for our overall benefits outsourcing business."
Edmund F. Murphy III, Putnam Investments' Head of Defined Contribution, said, "Putnam remains committed to working with Taft-Hartley clients using its core investment management capability, as we seek deeper traction in the corporate retirement market through our broader, full-service offering. We are confident that our union clients and their members will continue to be well served by this enhanced partnership with Mercer."
Mercer provides defined contribution administration services to 61 union groups, representing 309,000 members with over $7.8 billion in assets. Putnam has $3.5 billion of Taft-Hartley retirement assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of May 31, 2009.
Mercer is a leading global provider of consulting, outsourcing, and investment services. Mercer works with clients to solve their most complex benefit and human capital issues, designing and helping manage health, retirement, and other benefits. It is a leader in benefits outsourcing. Mercer's investment services include investment consulting and multi-manager investment Multi-manager investment is an investment product that consists of multiple specialized funds. Each specialized fund may invest across different sectors and markets, or having managers investing in the same asset class but have different investment styles. management. Mercer's 18,000 employees are based in more than 40 countries. The company is a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Marsh & McLennan Companies, Inc., which lists its stock (ticker symbol Ticker Symbol
An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors : MMC See MultiMediaCard and Microsoft Management Console. ) on the New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago, and London stock exchanges London Stock Exchange
London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . For more information, visit www.mercer.com.
Securities offered through Mercer Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/SIPC. Mercer HR Services, LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control and MMC Securities Corp. are divisions of and owned by Marsh & McLennan Companies, Inc.
Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. At the end of May 2009, Putnam had $102 billion in assets under management. Putnam has offices in Boston, London, Tokyo, Singapore, and Sydney. For more information, go to www.putnam.com.