Summary
Marsh & McLennan Companies, Inc. (MRSH) filed a Form 8-K on November 9, 2003, to report on the status of its subsidiary, Putnam Investments. As of November 7, 2003, Putnam reported significant assets under management totaling $263 billion, with $171 billion in mutual funds and $92 billion in institutional assets. The filing indicates that Putnam has been able to manage client withdrawals and redemptions without incurring increased portfolio transaction costs due to sufficient market liquidity. However, the company cautions that future market conditions are uncertain, and the reported asset balances do not account for client decisions already communicated to Putnam but not yet processed.
Key Highlights
- 1Putnam Investments reported $263 billion in total assets under management as of November 7, 2003.
- 2Mutual fund assets at Putnam amounted to $171 billion.
- 3Institutional assets managed by Putnam totaled $92 billion.
- 4Putnam has managed client withdrawals and redemptions without increased portfolio transaction costs.
- 5The company's ability to manage redemptions is attributed to sufficient market liquidity.
- 6Marsh & McLennan Companies, Inc. is providing this update via a Form 8-K filing.
- 7The company explicitly states there is no assurance regarding future market conditions.