Companies, Inc. has changed the top management of subsidiary Marsh & McLennan Inc.

A.J.C. Smith, chairman of Marsh & McLennan Companies, Inc. said David D.

Holbrook has been elected chairman; John T. Sinnott, president and chief executive officer; and Timothy J. Mahoney, vice chairman of Marsh & McLennan, Inc.

Marsh & McLennan, Incorporated is an operating company of Marsh & McLennan Companies, Inc., a professional services firm with insurance and reinsurance broking, consulting and investment management business.

More than 25,000 employees provide analysis, advice and transactional capabilities to clients in over 80 countries, including Bermuda.

FLEMING SELLS WARRANTS BUC Fleming sells warrants British investment bank Robert Fleming & Co. says it has sold two-year covered call warrants that can be converted into 15 million shares in Hong Kong trading and investment house, Jardine Matheson Holdings (15 HK).

Robert Fleming and Jardine Matheson jointly own Hong Kong-based merchant bank Jardine Fleming, one of the largest in Asia.

In a statement yesterday Robert Fleming said it has sold 150 million warrants at 25 US cents.

Their owners will be able to exchange 10 warrants for one share at a price of $7.57 per share from the date of their listing until their expiry on October 18, 1996. Jardine Matheson's shares closed last week $8.34.

Robert Fleming is applying to list the warrants on the Stock Exchange of Singapore and trading is expected to begin around November 4.

Jardine Matheson is delisting from the Hong Kong stock exchange at the end of this year following its failure to gain an exemption or waiver from Hong Kong takeover rules.

It hopes to transfer a lot of the Hong Kong trading in its shares to its secondary listing in Singapore. Its primary listing is in London.

A call warrant gives its owner the right but not the obligation to buy shares in a company at a set price within a set period. When an issue is covered it means the issuer owns or has ready access to the underlying stock in the company.