The Duluth (Minn.) Teachers' Retirement Fund on Dec. 10 will determine criteria for a new active international equity manager to run $30 million, said Jay Stoffel, executive director. The new firm will replace Putnam Investments, which was terminated in October following civil fraud charges against the firm, Mr. Stoffel said. Putnam ran a total of $30 million in three commingled funds for the $250 million pension plan and $40 million 403(b) plan; that money was temporarily moved to an EAFE index fund run by custodian Wells Fargo, he said. The shortlist search will begin in January or February and might be completed in March, he said; further details have not been determined.
Jeffrey Slocum & Associates will assist.