Duluth (Minn.) Teachers' Retirement Fund Association might begin a search in April or May for an active international core-plus equity manager to run $35 million. The plan terminated Putnam Investments, the portfolio's previous manager, in November because of market timing and trading abuse accusations. The search has been delayed because "we were wary of who we should choose," given continued revelations in the mutual fund scandal, said J. Michael Stoffel, executive secretary. The assets remain parked in an EAFE index fund run by Wells Fargo, custodian to the $300 million plan.
Separately, plan trustees will begin to look at alternative investments in about six months and may adjust the plan's asset allocation, Mr. Stoffel said. Under consideration will be private equity, venture capital, real estate and timber, but not hedge funds; Mr. Stoffel said trustees have studied them but are not willing to commit yet.
