Losses mount for Putnam

Associated Press

The Nevada Public Employees Retirement System's directors voted unanimously yesterday to terminate dealings with Putnam Investments.

The company, which faces allegations of mutual fund trading irregularities, had a $400 million portfolio with the system.

Dana Bilyeu, executive officer of the system, said she recommended the move because of the civil fraud charges filed against Boston-based Putnam and because of its low performance for the system.

Hawai'i's Employees' Retirement System voted last week to fire Putnam and pull back the $440 million managed by the firm after it was charged with securities fraud. The state's deferred compensation plan with $43 million invested through Putnam, said it will decide by next week whether to pull out.

In other developments:

• The board managing Idaho's $700 million endowment fund has fired Strong Capital Management Inc. as one of its investment managers amid allegations the company's founder engaged in improper mutual fund trading.

  Strong Capital Management Inc. was terminated Oct. 30, endowment officials said. Strong Capital had control over about $32 million of the endowment.

• Janus Capital Group Inc., already under scrutiny by state and federal regulators for improper mutual fund trading, said yesterday it also has been asked to submit information to the National Association of Securities Dealers as part of a similar investigation.

  The industry's self-policing group asked for information about agreements to distribute shares through broker-dealers, Janus said in a filing with the Securities and Exchange Commission. A Janus spokeswoman said the company was cooperating with all regulators who have requested information.