Gates Corp., Denver, hired Wellington to run $20 million to $30 million in international equities, said John Barker, director-retirement benefits. Wellington replaced Putnam, which ran a similar portfolio for the $350 million pension plan, Mr. Barker said. He would not say why Putnam was terminated. Russell Investment Group assisted.
Separately, Gates' $425 million 401(k) plan added the Fidelity Diversified International fund and dropped the Putnam International Growth fund as investment options, Mr. Barker said. He declined to provide the reason for the move. Mellon Human Resources and Investor Solutions assisted. Hewitt is record keeper of the 401(k) plan, which offers 14 investment options.
