, chief executive of Putnam Investments
, earned more than his boss in 2005.
Haldeman, who has led Marsh &McLennan's
asset management unit since 2003, took home at total of $14.5 million in salary, bonus and stock awards and options last year, while Marsh CEO Michael Cherkasky
earned $10.7 million, according to a Marsh proxy statement
filed with the Securities and Exchange Commission.
Boston-based Putnam, which has bled assets since it was implicated in a fund trading scandal in the fall of 2003, registered a 12-percent drop in revenues to $360 million in the fourth quarter of 2005. Assets under management totaled $188 million, down from $211 billion in the same period in 2004.
Cherkasky has repeatedly made plain his intention to keep Putnam, whose troubles has made it a constant target of sale rumors.
Haldeman's salary was "appropriate for the industry he's in," a spokesperson for Marsh told Reuters
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