Sybase Inc., Dublin, Calif., dropped the Putnam International Equity fund as an investment option in its 401(k) plan, said Selam Legesse, senior benefits manager. Trustees made the move in response to manager departures from Putnam's international equity team, following market-timing accusations against the firm, as well as the potential for "significant outflow" from the fund, Ms. Legesse said. It was not replaced; the plan offers 10 investment options, down from 11.
Fidelity is bundled provider; Watson Wyatt Investment Consulting assisted. The plan has $127 million in assets, according to the Money Market Directory.
"We are disappointed about their decision but hope to manage investments for them again in the future," said Laura McNamara, Putnam spokeswoman.