A Canadian private-equity firm is calling for the breakup of Marsh & McLennan Companies, saying that separating the consulting and risk management units from the insurance brokerage would maximize shareholder value and protect the individual companies' worth.
Toronto, Canada-based K.J. Harrison & Partners called for the breakup of New York-based MMC on Monday. The company said it holds more than a million shares of MMC stock and has owned them since 2004.
Jim Harrison, the chief executive officer of K.J. Harrison, said in a statement that the company wants shareholders to vote on a resolution to separate Kroll, MMC's risk management subsidiary, and Mercer, its consulting arm, from the insurance brokerage services of Marsh and Guy Carpenter.
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