New York State Deferred Compensation Plan, Albany, is freezing its $37.5 million in the Putnam International Equity fund investment option, effective Jan. 5, said Julian Regan, executive director. Officials at the $5.9 billion plan made the decision after Putnam came under fire in lawsuits alleging it was market timing. Mr. Regan said there are no plans to replace the Putnam fund, because the plan already offers participants three other international equity options.
Separately, Crain Communications Inc., Detroit, dropped the Putnam International Growth fund as an investment option in its $67.3 million profit-sharing plan, replacing it with the William Blair International Growth Fund. William M. Morrow, Crain executive vice president and plan administrator, said the switch was based on a performance analysis by Standard & Poor's, the plan's consultant, and the continuing investigation of Putnam Investments. Participant assets in the Putnam fund on Jan. 30 will be transferred into the William Blair fund. Separately, the plan added the Fidelity Inflation Protected Bond Fund as an option, raising the total number of options to 13. Crain Communications publishes P&I Daily.
Sinead Martin, Putnam spokeswoman, did not return calls for comment by press time.
