Tennant Co., Minneapolis, by the end of the first quarter will drop Putnam International Equity and AllianceBernstein Premier Growth Institutional funds as investment options in its $214 million 401(k)/profit-sharing plan, said Paula Hutton, benefits manager. Plan officials decided to drop the funds following market-timing investigations into both firms, she said. Officials are working with consultant Jeffrey Slocum & Associates to choose replacements in the same asset classes, she said; recommendations are expected by Friday. The plan offers nine investment options. Vanguard is the bundled provider.
"We are disappointed about their decision, but hope that we will have the opportunity to manage investments for them again in the future," said Laura McNamara, Putnam spokeswoman. Alliance Capital spokesman John Meyers did not respond to a request for comment.
