People and Business: Stepping down

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THE AMERICAN who last year engineered the takeover of one of Britain's most venerable insurance brokers, Sedgwick, has announced he will retire next year when he reaches 65.

AJC Smith, chairman and chief executive officer of Marsh & McLennan, the giant American financial group, is stepping down in favour of Jeffrey W Greenberg, currently chairman of Marsh & McLennan Capital.

M&M owns Putnam, an investment company with $300bn under management, as well as Sedgwick.