Putnam Investments was fired from
managing $1.74 billion by the Massachusetts pension fund, the
first major customer defection from the Boston-based money
manager since regulators charged the company Tuesday with
securities fraud.
The board that oversees the $29 billion pension fund
terminated Putnam two days after the U.S. Securities and Exchange
Commission and Massachusetts regulators filed securities fraud
charges against Putnam and two former money managers. The fund
pays Putnam $3.8 million a year in fees.
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“We have to have confidence in the people we are paying
large fees to manage our money,” said Massachusetts Treasurer
Timothy Cahill, who is chairman of the Pension Reserves
Investment Management Board. “And, at this point, we do not have
that level of confidence in Putnam.”
Bloomberg News
