The Securities and Exchange Commission is probing therelationship between Marsh & McLennan and two of itssubsidiaries on referral business and compensation for thereferrals.

As part of a 10-Q filing yesterday with the Securities andExchange Commission, New York-based professional services firm MMCsaid the Boston Office of the SEC is "conducting an informalinvestigation of a former program" where companies within the MMCgroup referred business to one another and received compensationfor such referrals. The queries involve MMC, its consulting firmMercer, and its investment arm Putnam.

MMC said it is fully cooperating in the investigation.

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