Rockford (Ill.) Firefighters' Pension Fund withdrew its $11 million commitment to the Putnam International Growth fund because of market-timing allegations against Putnam as well as performance, said Ted Dutkiewitz, city revenue manager. The $117 million plan moved the money to State Street Global Advisors' MSCI EAFE Index mutual fund, he said. Clark Consulting assisted. "We're 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.
Separately, the $130 million Rockford Police Pension Fund hired Northern Trust to run $30 million in a domestic government bond index fund benchmarked to the Lehman Aggregate, Mr. Dutkiewitz said. BlackRock, which ran the money in active domestic fixed income, was terminated because trustees decided to move to passive management, he said. Marquette Associates assisted.