Jacksonville (Fla.) Fire & Police Pension Fund is looking for a firm to run $50 million to $60 million in active international equities, said John Keane, executive director-administrator. The $900 million plan terminated Putnam from a similar portfolio in November, following market-timing charges against the firm, Mr. Keane said. The money was parked in an EAFE index fund run by custodian Northern Trust, he said. Trustees will make a selection in July or August, with the new contract to begin Oct. 1. Merrill Lynch is assisting.
"We believe that the initiatives that we've undertaken to earn back investor trust will be a benefit over the long term," said Laura McNamara, Putnam spokeswoman.