Wyoming Retirement System, Cheyenne, will issue an RFP for an international equity manager, said Harry Wales, deputy director. Putnam now manages $300 million in active international equities for the $4.5 billion system, and trustees felt it was their fiduciary responsibility to conduct a search in light of the market-timing charges against the firm, Mr. Wales said. Putnam will be allowed to apply. The search is scheduled to begin by mid-December, and interviews will likely occur at the board's March 19 meeting. Buck Consultants will assist. Putnam spokeswoman Sinead Martin did not comment by press time.
Separately, trustees decided to take no action against Alliance Capital, which runs $800 million in active domestic large-cap growth equities, Mr. Wales said. Investment committee members discussed the investigation of Alliance's mutual fund business and the firm's suspension of several employees, he said, but decided the system's portfolio was not affected by alleged trading abuses.