Rhode Island General Treasurer Paul J. Tavares announced Oct. 31 the termination of Putnam Investments as one of the state’s investment managers. The announcement came after the State Investment Commission voted unanimously to cease all current business with Putnam during a special meeting at the State House.
Putnam, one of 14 investment managers employed by the commission, managed $690 million of the $5.8 billion Employees Retirement System of Rhode Island (ERSRI) fund. Putnam’s mandate with the commission was for International Core Equities. Putnam had been employed by the commission since May 2001.
“We take our fiduciary responsibility extremely seriously and felt it was necessary to take immediate action in order to mitigate any potential negative impact on the Employees Retirement System of Rhode Island,” said Tavares. “Given the recent termination of key investment personnel in charge of managing our portfolio, we felt it necessary at this time to end our relationship with Putnam Investments.”
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