The Wyoming Retirement System, Cheyenne, decided to take no action against Alliance Capital, which runs $800 million in active domestic large-cap growth equities, said Harry Wales, deputy director. 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.
Separately, the trustees decided to issue an RFP for an international equity manager, Mr. Wales said. 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.
Buck Consultants will assist. Putnam spokeswoman Sinead Martin did not comment by press time.