Louisiana Firefighters' Retirement System, Baton Rouge, is considering a search for an active international equity manager to run $17 million, said Steven Stockstill, executive director. The $655 million system terminated Putnam in November following market-timing allegations against the firm and moved the money to a new Northern Trust EAFE index fund, Mr. Stockstill said. Trustees at their Feb. 13 meeting will likely discuss whether to search for a new manager or leave the money with Northern, which also runs a $43 million S&P 500 index account.
"Some clients have chosen to move their investments and we respect their decisions," Putnam spokeswoman Laura McNamara said in a written statement. "At the same time, many other clients have expressed their trust and confidence in Putnam, its new management team and our investment strategies, and we are grateful for their support."