The $350 million Operating Engineers, Local No. 66, pension fund, Monroeville, Pa., hired Putnam Investments to manage $55 million in a large-cap value portfolio, said Jack Anderson, president.
Putnam replaces The Chicago Corp. The changes were made for performance reasons, Mr. Anderson said. Charles Klimkowski, senior vice president with Chicago Corp., said the firm was just ending a cycle of underperformance in the period used to evaluated the firm. Since that time, at the end of last year, performance has come back, he said.
Raulin Inc. assisted with the hire.