Christ Hospital, Jersey City, N.J., hired Putnam and PIMCO to handle $15 million each in an active domestic portfolios for the $45 million plan; Putnam will manage core growth equities and PIMCO, fixed income.
Putnam replaces Fleet, which handled $15 million in the same asset class. Sean ORourke, vice president of finance, declined to comment on the reason for the termination. PIMCO takes over for INVESCO, which was terminated from a $15 million active domestic fixed-income portfolio but will remain as a $15 million active domestic large-cap value equity manager. Mr. ORourke said the termination was not performance related.
Concord Advisory Group assisted.