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The Securities and Exchange Commission is probing the relationship between Marsh & McLennan and two of its subsidiaries on referral business and compensation for the referrals.

As part of a 10-Q filing yesterday with the Securities and Exchange Commission, New York-based professional services firm MMC said the Boston Office of the SEC is “conducting an informal investigation of a former program” where companies within the MMC group referred business to one another and received compensation for such referrals. The queries involve MMC, its consulting firm Mercer, and its investment arm Putnam.

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