Jackson (Mich.) City Employees' Retirement System will invest $1.5 million in the Julius Baer International Equity mutual fund, said Phil Hones, chairman. The $30 million plan withdrew its investment in the Putnam International Equity fund in the fourth quarter because of market-timing charges against the firm. The money was temporarily moved to a State Street Global Advisors Wilshire 5000 index fund; that portfolio will now be reduced to $12 million, Mr. Hones said. Asset Consulting Group assisted.
Sinead Martin, Putnam spokeswoman, declined comment.