Knox County Retirement System, Knoxville, Tenn., hired Capital Guardian to run $28 million in international equities for the system's two pension plans, said Kim Bennett, executive director. CapGuardian replaced Putnam, which was terminated in December following market-timing charges against the firm, Ms. Bennett said. Putnam ran the money in similar portfolios for the two plans, which have a combined $120 million in assets. Wilshire Associates assisted.
"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.