Bloomberg News

Marsh & McLennan Reassigns Sethi in Mercer’s Emerging-Market Bet

June 24, 2013

Marsh & McLennan Cos. (MMC:US) reassigned three executives at its Mercer unit as the consulting business seeks growth outside of North America.

Jeff Schutes has been appointed head of the investments business for markets including Asia, the Middle East, Turkey, Africa and Latin America, New York-based Marsh & McLennan said today in a statement. Akhil Sethi was named head of the retirement business in the same areas.

Marsh & McLennan, the world’s largest insurance broker by market value, has been expanding its consulting businesses outside of North America, hiring Julio Portalatin last year from American International Group Inc. (AIG:US) as Mercer’s chief executive officer. He was previously the CEO of growth economies at New York-based AIG’s property-casualty business.

“The newly created roles for Jeff and Akhil reflect our commitment to invest in and maximize our opportunities in the growth markets,” Portalatin said in the statement.

Sethi, 47, will be based in New York and be responsible for advising clients on retirement plans. He most recently held the position of global chief operating officer for Mercer’s retirement business.

Schutes, 56, will be responsible for outsourced advising on investment decisions for the regions. He most recently served as global leader of manager research and head of Mercer’s Latin America investment business. Schutes will divide his time between Atlanta and Hong Kong, Charles Salmans, a spokesman for Mercer, said in an interview.

Andrew Kirton was named head of the investments business in Europe, replacing Tom Geraghty, who became market leader for Ireland. Kirton, 49, was previously Mercer’s global chief investment officer.

-- Editors: Dan Kraut, Steven Crabill

To contact the reporter on this story: Megan Hickey in New York at mhickey18@bloomberg.net;

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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Companies Mentioned

  • MMC
    (Marsh & McLennan Cos Inc)
    • $57.99 USD
    • 0.16
    • 0.28%
  • AIG
    (American International Group Inc)
    • $55.78 USD
    • 0.77
    • 1.38%
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