San Diego Discusses Equity Manager

By Marc Sorondo

August 18, 2008

The investment committee of the San Diego City Employees' Retirement System (SDCERS) was due to discuss the fate of Putnam Investments and its small-cap value domestic equity portfolio, confirmed Liza Crisafi, deputy CIO with the plan prior to a meeting last week. Crisafi explained that the board is considering terminating Putnam primarily due to performance issues, but also because of numerous organizational changes that have occurred within the firm since it was hired. Putnam has managed the approximately $88 million account since the early 1990's. The firm was put on SDCERS' watch list earlier this year after a decline in the portfolio's relative ranking (See IMW, 1/7/08).

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