Ireland’s NTMA reviewing Putnam mandate
IRELAND – Ireland’s National Treasury Management Agency, which oversees the eight billion-euro National Pensions Reserve Fund, is reviewing its mandate with troubled Putnam Investments.
“We’re taking this very seriously,” said Deborah Reidy, head of investment manager selection at the NTMA. She said the fund’s seven-strong commission has scheduled a meeting to discuss the matter.
If the trustees decide to drop Putnam, then the timing could be immediate according to the terms of their contract contract. Putnam runs a 350 million-euro pan-European equity mandate for the NTMA.
Putnam, embroiled in the US market timing scandal, has lost billions of dollars in institutional mandates and retail funds since the scandal broke. Parent company Marsh & McLennan replaced chief executive Lawrence Lasser last week.
A Putnam spokeswoman declined to comment.