Jacksonville (Fla.) General Employees Pension Fund hired J.P. Morgan Fleming to run $100 million in active international equities, said Camille Cossa, pension administrator. The portfolio had been managed by Putnam Investments, which was terminated by the $1.6 billion plan in November following market-timing allegations against the firm, she said. The money was parked with custodian Northern Trust in an MSCI EAFE fund. Merrill Lynch 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.
