The $490 million defined benefit plan for Agway Inc., Syracuse, N.Y....

The $490 million defined benefit plan for Agway Inc., Syracuse, N.Y., hired Putnam Investments to manage a $30 million high-yield bond portfolio and a $25 million investment-grade bond portfolio, said Craig Thomas, trust investments analyst. BEA Associates also was hired to manage a $25 million investment-grade bond portfolio, said Mr. Thomas. The assets will come from the elimination of a passive investment-grade bond portfolio that was managed by Putnam.