| |
PUBLIC EMPLOYEES' RETIREMENT BOARD - SPECIAL MEETING
MINUTES FOR
Wednesday, November 12, 2003
The agenda for this meeting was mailed to every public employer,
the news media, and other groups and individuals as requested.
The Special Board meeting of the Public Employees' Retirement Board was called to order by Board Chairman Charles Silvestri at 9:10 a.m., November 12, 2003, in the PERS' Board Room, 693 West Nye Lane, Carson City. Members present: Charles Silvestri (via telephone), Sue DeFrancesco (via telephone), Mark Balen (via telephone), George Stevens (via telephone), Purisimo Hernandez, and Warren Wish. Members absent: David Kallas.
NOVEMBER 12, 2003
BOARD MEETING
INVESTMENTS
-
Rick Harris, Putnam Investments, addressed underperformance of Putnam's international stock portfolio managed for PERS, personnel turnover, and recent allegations of mutual fund trading abuses by certain members of Putnam's staff. PERS' investment staff halted all trading in the Putnam account on October 24th when the allegations became public. On motion of Mark Balen, the Board voted unanimously of those present to:
Terminate Putnam Investments as soon as possible; and Transfer Putnam's assets to BNY Asset Management and Mellon Capital for management in an MS EAFE Index strategy.
Staff presented modifications to the Interim Investment Directives, PERS' fund, consistent with the termination of Putnam Investments. On motion of George Stevens, the Board voted unanimously of those present to approve the Interim Investment Directives for the PERS' fund, as amended.
COMMENTS
A. There were no individual statements and/or comments offered. B. Chairman Silvestri thanked Mr. Harris for his candor during this difficult situation and Putnam's relationship with the System.
ADJOURNMENT The meeting was adjourned by Chairman Silvestri at 9:35 a.m.The following is the time schedule for the meeting:
On November 12, 2003, the Special Board meeting was called to order at 9:10 a.m. by Chairman Charles Silvestri and adjourned at 9:35 a.m.
|
