Skip to main content

Marsh & McLennan (MMC) - Get Marsh & McLennan Companies, Inc. (MMC) Report expects final offers this week on its Putnam money-management unit, according to media reports.

The Wall Street Journal

reported Monday that Boston-based Putnam is expected to draw bids from Amvescap of the U.K., Unicredito of Italy and Power Corp. of Canada.

The news comes just two months after New York-based Marsh

put Putnam on the block, saying it had received inquires over the past several months.

"I decided it was in the interest of our shareholders to do a market check to determine the value others would put on Putnam, Marsh CEO Michael Cherkasky said in September. "We have just commenced this process and have not decided to take any specific action in regard to Putnam at this time."

Cherkasky issued that statement after

The Wall Street Journal

reported that Marsh had hired

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. (GS) Report

to look for a possible buyer for Putnam.

In the now three-year-old mutual fund trading scandal, Putnam took a big hit to its reputation after regulators discovered that some of the firm's portfolio managers had been making inappropriate trades in the funds they managed. Putnam ultimately paid a $110 million penalty in a settlement with securities regulators over its role in the mutual fund trading scandal. The fund company was one of the first to be charged in the far-reaching scandal.

TheStreet Recommends

Sun Life

(SLF) - Get Sun Life Financial Inc. Report

, the partner of MFS Funds, said in September it had hired investment bankers to find a buyer for the Massachusetts-based mutual fund family. But last month, Sun Life said it would hold onto MFS and instead will focus on "improving performance and profit margins."

Earlier this year,


(BLK) - Get BlackRock, Inc. Report

, a big asset-manager, and

Merrill Lynch

( MER) struck a deal to combine their mutual fund businesses into a firm with $1 trillion in assets. Last month,


(CMA) - Get Comerica Incorporated Report

sold its stake in asset-management firm Munder Capital Management for $302 million.

In the Munder deal, Crestview Partners, a two-year-old New York private-equity firm with $1.5 billion in funding, is helping finance the management led buyout.