Nevada Public Employees' Retirement System, Carson City, terminated Putnam, which ran $400 million in active international equities, said Dana Bilyeu, executive officer. The $14 billion system dropped the firm for performance and "organizational changes causing disruption to the investment process." Fraud lawsuits filed against Putnam claiming market timing did not directly affect Nevada's portfolio, Ms. Bilyeu said. Putnam underperformed its benchmark of the MSCI EAFE plus 25 basis points since it was hired 21/2 years ago, she added. The system will move the money to existing international index equity portfolios run by BNY Asset and Mellon Capital, she said; further details were not available by press time. Callan Associates assisted.
Putnam spokeswoman Laura McNamara did not comment by press time.