The Austin Co., Cleveland, will search for an international equity manager to run about $10 million for the $120 million pension plan, said Dennis Raymond, vice president of human resources. The new manager will replace Putnam, which was terminated in October after late-trading charges were filed against the firm, Mr. Raymond said. Putnam ran the money in a commingled international equity fund; that money was temporarily distributed among the plan's existing domestic equity managers, he said. Watson Wyatt Investment Consulting will likely assist with the search, which might be conducted from a shortlist, Mr. Raymond said. The search will begin after February; further details have not been finalized.
"We are disappointed about their decision, but hope that we will have the opportunity to manage investments for them again in the future," Putnam spokeswoman Laura McNamara said in a statement.