Putnam Investments has announced its selection as the fund management and record keeping service provider for the International Union of Operating Engineers Local 94 annuity fund.
The fund has nearly $600 million in plan assets, Putnam said on Monday.
Local 94, which is based in New York City, has about 7,000 members. The International Union of Operating Engineers has 400,000 members in 170 locals throughout the United States and Canada.
Boston-based Putnam is a unit of Power Financial Corp. in Montreal. Putnam is a provider of Taft-Hartley Act retirement services, including more than 85 defined benefit and defined contribution plans covering more than 300,000 union members and holding nearly $10 billion of assets.
Putnam had $168 billion of assets under management, including $69 billion of institutional assets, at March 31.
