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. Crain Communications publishes P&I Daily.
"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."
