Massachusetts pension fund trustees reportedly decided Thursday to pull their funds from Putnam Investments, in light of the fund trading investigation. State Treasurer Tim Cahill told Reuters: "[Putnam] allowed market timing to happen and possibly harm our retirees. We wont stand for that."
Meanwhile, the Rhode Island State Investment Commission has also joined the wave of public pension funds to raise concern over the troubles of Putnam Investments, sister publication Investment Management Weekly reports. The commission is scheduled to meet Friday to discuss the course of action it should take against the manager, which oversees a $642 million core international equity account for the $5.8 billion Rhode Island Employees Retirement System.