Kohl's Corp., Menomonee Falls, Wis., is monitoring Putnam's International Equity fund and added the Oppenheimer Developing Markets and American Funds Euro Pacific Growth funds as investment options in its $220 million 401(k)/profit-sharing plan, said Doug Wilcox, director of benefits. Trustees wanted to diversify the plan's international equity offerings in light of market-timing allegations involving Putnam's international equity mutual funds, Mr. Wilcox said. Trustees decided not to drop the Putnam fund because "we think Putnam will survive this, and go on to be a player in the defined contribution market place," he said. The plan offers 12 investment options. Putnam is the record keeper.
"We recognize that some clients have chosen to move their investments and we respect their decision," said Putnam spokeswoman Sinead Martin. " At the same time, many others have expressed their trust and confidence in Putnam, its new management team and our investment strategies, and we are grateful for their support."