ICMA-RC Shutters Putnam, Janus Offerings
As of December 19, 2003, The VantageTrust has decided to close the following funds:
- Janus Adviser Series Worldwide Fund for performance reasons, the departure of its long-term fund manager, and current concerns about ongoing investigations of the operations of the management company
- Putnam International Equity Fund , because of the changes in the fund management, and also due to concerns about the nature of the investigations of Putnam.
- Putnam Voyager Fund , also because of the changes in the fund management, and concerns about the nature of the investigations of Putnam.
According to a notice posted on its website , ICMA-RC said it “…will continue to monitor the funds of other investment companies that we offer to our participants and will recommend appropriate actions to the VantageTrust Company.” The firm also said it would assist investors in obtaining “…any compensation that they may be entitled to, based on improper investment activity.”
Regarding ICMA-RC’s own Vantagepoint Mutual Funds and the VantageTrust PLUS Fund, the firm noted that it has previously outlined the steps “that we have always taken to ensure that our own funds are free from the trading irregularities now being scrutinized.” That information is online at http://www.icmarc.org/xp/vl/about/news/20030915markettiming.xml
ICMA-RC is an independent corporation created to manage and administer plans exclusively for the benefit of public sector employers and employees, some 630,000 public sector participants, according to the firm.