Marsh & McLennan Companies, Inc. (NYSE:MMC) Q2 2023 Earnings Call Transcript

Martine Ferland: Yes, absolutely. I mean, our OCIO business is grown really rapidly over the last few years. But as you know, it’s been impacted by capital markets over the last many quarters. Although it does benefit from net AUM inflows, some of that volatility does drive demand for the OCIO service, What we’ve seen in Q2 is still a small drag due to year-over-year capital market, but based on the value that we see at the end of the quarter, it bodes well for the rest of the year small accretive growth from capital markets for Q3 as far as we can see from levels today. So, this is a good business for us. It’s about diversified portfolio, the volatility in the equipment market has come down. On the bond market, it’s still a little bit elevated.

But all of that has contributed to lower need on the client side for advice regarding the volatility, the funding of their pension plans, etcetera. It’s been good for us and for our clients have been finding new ways to deal with the environment.

John Q. Doyle: Thank you, Martine, and thanks Rob for the follow-up. I want to thank you all for joining us on the call this morning. In closing, I want to thank our over 85,000 colleagues for their hard work and dedication. I also want to thank our clients for their continued support. So, thank you all very much and we look forward to speaking with you next quarter. Operator, thank you.

Operator: Ladies and gentlemen, this does conclude today’s program. You may now disconnect.