Teachers Retirement System Parts with Putnam
By: Import User
Updated: January 7, 2009
Arkansas Teacher Retirement Fund has severed ties with Putnam Investments. The decision was handed down during a late Tuesday afternoon meeting.
This comes on the heals of mounting legal troubles for the mutual fund company. Putnam is being investigated by the Securities and Exchange Commission on fraud charges. The CEO has since resigned.
Retirement System officials were concerned that investigation would affect their financial future.
"What we were concerned about was the changes in personnel and the rapid loss in funds," said David Malone, Executive Director for the Teacher Retirement System.
Putnam was only with the Retirement System for 11 months. During that time, investments made over 100 million dollars.
