NTMA still out on fund manager

THE National Treasury Management Agency (NTMA) said it has not made a decision on whether to sack one of its fund managers, at the centre of a financial scandal in the US, from the National Pensions Reserve Fund (NPRF).

Putnam Investment Managers, which oversees around 240 million in assets for the NPRF, has been accused of several market trading abuses in the US.

But Dr Michael Somers, chief executive of the NTMA, said though the agency has discussed the situation it has made no decision to remove Putnam from the list of fund managers who supervise the allocation of funds.