Ochsner Clinic Foundation, New Orleans, hired Merrill Lynch as bundled provider of its $130 million 401(k)/profit-sharing plan, said Tracy Landry, senior HR analyst. Merrill Lynch replaced Putnam Investments, Mr. Landry said. Plan officials were concerned about the performance of the Putnam funds offered as investment options, as well as "everything going on" following market-timing allegations against the firm last fall, he said. The plan offers 19 investment options, up from 15. No consultant was used.
"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.