Boston-based insurer ProMutual, with $1.3 billion in assets, allocated $50 million each to two managers. Incumbent fixed-income manager Putnam Investments received $50 million to manage in convertible bonds, while Fidelity was hired to manage $50 million in core U.S. equities, said Phil Martell, assistant controller. Putnam already manages more than $100 million in a bond index fund, Mr. Martell said. The assets were taken from a manager he declined to name.
The Fidelity hiring represents ProMutual's first move into equities and was funded with cash flow. SEI assisted.