Mercer retirement consulting revenues rise 11%
US – Mercer Inc. has reported that its first-quarter retirement services consulting revenue rose 11% to 300 million dollars from 270 million dollars a year before.
Mercer’s parent company, services group Marsh & McLennan, added that total revenues at the human resources and consulting business rose 12% to 634 million dollars from 565 million dollars a year earlier. And operating income was also up 12% to 83 million dollars from 74 million dollars.
“Mercer's first quarter results reflect growth in almost all of its consulting practices, including significant improvement in health care and group benefits, human capital, and organizational change consulting,” MMC said. “Growth in retirement services and economic consulting continued, with a decline in management consulting.”
MMC added that Mercer increased its revenues and profits “at the strongest pace in two years”.
Another MMC subsidiary, asset manager Putnam Investments, saw its revenues decline 25% to 445 million dollars. Operating income fell to 103 million dollars from 175 million dollars “reflecting the weakness in US equity markets”.
Putnam’s institutional assets under management declined to 86 billion dollars from 87 billion dollars. Overall, its assets under management fell four percent to 241 billion dollars from 251 billion dollars.
MMC as a whole saw its consolidated revenues rise eight percent to 2.9 billion dollars while net income was up six percent to 443 million dollars.
Chairman Jeffrey Greenberg said: “MMC's first quarter results were driven by Marsh's strong performance. Insurance and reinsurance broking operations achieved double-digit growth throughout all geographies.”