Bar earnings are up

first_imgBar earnings are up January 1, 2004 Regular News A mutual fund company tinged by the ongoing fund scandal has been dropped from the Bar’s investment portfolio, although overall Bar earnings continue to be strong.Investment Committee Chair Ian Comisky told the Board of Governors in December that Putnam Investment’s chief investment officer for the Putnam International Equity Fundhad left following charges he had traded in the fund inappropriately for personal gain.That officer was a major part of the company’s investment brainpower, Comisky said, and Putnam is still facing the possibility of further investigations and sanctions. The committee discussed the situation with its outside advisor, James Bagwell, who also researched alternatives for the Bar.The committee recommended— and the board approved — withdrawing its money from Putnam’s International Growth Equity Fund and putting it in Henderson Global International. Comisky said the money would remain in the custody of Bagwell’s employer, the brokerage Morgan Stanley, and be invested by Henderson separately from its other funds.The Bar had about $1.5 million invested with Putnam, Comisky said.On overall earnings, Comisky reported the Bar had earned about $600,000 since the end of the third quarter, and about $2 million overall for the calendar year, for a return of about 16 percent. “That is excellent for a very conservative portfolio,” he said.The Bar now has just over $15 million in its investment portfolio, he noted.center_img Bar earnings are uplast_img read more