People's Bank, Bridgeport, Conn., is reviewing responses to a shortlist search for a bundled provider for its $221 million 401(k) plan, said Kevin Smith, vice president and operations manager. Incumbent Putnam Investments was invited to rebid, Mr. Smith said. Trustees began the search following market-timing charges against Putnam; they are conducting "due diligence" studies of Putnam's recent reforms, he said. A selection is expected in August. Portfolio Evaluations Inc. is assisting. The plan offers 13 investment options.
"Putnam remains committed to its long-standing relationship with People's Bank," and thinks its clients will recognize the "rigorous corporate governance practices'' under the firm's new leadership, said Sinead Martin, Putnam spokeswoman.