Putnam Investments, the Boston-based
money manager that’s suffered more than $9.2 billion in
withdrawals by public pension funds this month, was fired by Wal-Mart Stores Inc. as manager of two funds in its 401(k) plans.
Wal-Mart, the world’s largest retailer, eliminated the
Putnam New Opportunities and Putnam International Equity funds as
investment options this week, said spokeswoman Sharon Weber, who
didn’t provide a reason or the amount of employees’ assets.
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Merck & Co., DaimlerChrysler AG’s Chrysler unit and Revlon
Inc. came to similar decisions after Putnam was charged with
securities fraud for allowing frequent short-term trading in its
funds. Walt Disney Co. has told participants in its 401(k) plans
that it’s “evaluating” Putnam, a unit of Marsh & McLennan Cos.
“We are disappointed about their decisions, but hope we
will have the opportunity to manage investments for them again in
the future,” Putnam spokeswoman Laura McNamara said in an e-
mailed statement.
Bloomberg News
