New York City Comptroller William C. Thompson, Jr. today announced, on behalf of the boards of trustees of the New York City Employees Retirement System, the Police Pension Fund and the Teachers’ Retirement System, the decision to terminate Putnam Investments as a fund manager. This decision was made today by each of the three funds.

“After careful consideration and discussion, the boards of trustees of NYCERS, Police and Teachers have concluded that the alleged actions of Putnam Investments are inconsistent with the prudent management of their assets and have voted to terminate the firm as a fund manager,” Thompson said. “This decision was made as part of our fiduciary responsibility to ensure that the assets placed in our care are protected.”

Putnam Investments managed non-U.S. equity portfolios for the three funds, for a combined total of $725 million. The funds are in the process of transitioning the assets to other international managers.

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