The Lansing (Mich.) Board of Water & Light dropped the AllianceBernstein Technology fund and three Putnam funds — Capital Appreciation, Health Sciences Trust and George Putnam Fund of Boston — as investment options for its $100 million 401(a) plan, said David Cluley, manager of general accounting. The plan added the Scudder Technology, American Funds Balanced and Eaton Vance Worldwide Health Sciences funds, Mr. Cluley said. Trustees made the change because of performance and in response to market-timing investigations into Alliance Capital and Putnam Investments, as well as the termination of those fund families by large pension plans, Mr. Cluley said. Prudential, the bundled provider, 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. John Meyers, AllianceBernstein spokesman, did not respond to a request for comment by press time.