American Medical Response, Greenwood Village, Colo., hired Fidelity as bundled provider of its $190 million 401(k)/profit-sharing plan, effective Oct. 1, said Kurt Ronsen, director of compensation and benefits. Fidelity replaced Putnam Investments, which rebid, Mr. Ronsen said. Trustees felt it was their fiduciary duty to launch a search following market-timing accusations against Putnam, he said. Fidelity was chosen for the educational and technological services it offered, he added. Watson Wyatt Investment Consulting assisted. The plan will continue to offer 19 investment options.
"We're disappointed about their decision but hope to have the opportunity to manage investments for them again in the future," said Laura McNamara, Putnam spokeswoman.