Cleveland-Cliffs Inc., Cleveland, hired Putnam to manage $40 million in active international large-cap core equities for its $500 million defined benefit plan.
Funding comes from a $40 million active international large-cap value equity portfolio managed by Paladin Investment Associates, said Rick Bihn, Cleveland-Cliffs manager of risk and investments. Paladin no longer offers an international product, said Mr. Bihn. James Beloff, senior vice president at Paladin, did not return phone calls by press time.
