Fall River (Mass.) Contributory Retirement System hired State Street Global Advisors to run $14 million in an MSCI EAFE index fund for the $198 million pension plan, said Christine Tetreault, executive director. SSgA replaced active international equity managers Putnam and Bank of Ireland, which were terminated for performance; both had been on watch, she said. Putnam ran $10 million and Bank of Ireland ran $4 million.
"We are disappointed about their decision, but hope to have the opportunity to manage investments for them again in the future," said Laura McNamara, Putnam spokeswoman. Anne Banks, Bank of Ireland spokeswoman, did not return a call seeking comment by press time.