Wyoming Retirement System, Cheyenne, will decide what to do about its $300 million international equity portfolio managed by Putnam Investments at its Nov. 21 board meeting, said Thomas Mann, director. Trustees will meet with Richard Harris, Putnam's client services representative, at that meeting. The $4.5 billion system's investment committee is "very concerned" about the market-timing accusations against Putnam but wanted the full board to discuss the issue, Mr. Mann said.
Separately, Plumbers & Steamfitters Local 22, Orchard Park, N.Y., withdrew its $6 million investment in the Putnam International Equity mutual fund because of market-timing lawsuits filed against the firm, said Michael Redmond, funds manager. The $135 million pension plan moved the money to the American Funds Euro Pacific Growth fund, its other international investment, raising it to $12 million, he said. Trustees will discuss seeking a second international fund at their Nov. 14 meeting, he said, but the plan will likely not add a second fund immediately.
"We are disappointed about the decision, but hope that we will have the opportunity to manage investments for them again in the future," Putnam spokeswoman Laura McNamara said in a written statement.
UBS Financial Services assisted.