Business Services Industry
Firms sour on tainted funds; React to scandals by changing options for employees; switch administrators.(Special Report: The New York Workplace)
Crain's New York Business, June, 2004
Byline: tom fredrickson After careful deliberation, Information Builders recently took action in response to the mutual fund trading scandals: It blocked its employees from investing in a tainted fund. The Manhattan-based software developer stopped offering its 1,300 plan members the option of putting money into the Putnam International Equity Fund.
Instead, the company gave employees an international option from another fund family in which to invest new money. "One of the Putnam funds we had was the one originally flagged for improper trading,'' says Information Builders Chief Executive Gerald Cohen. "For prudence, the committee in charge of our 401(k) plan went out and did a diagnostic study to find a fund that was equal to or better than the Putnam...
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