Putnam pockets $40M retirement account

Putnam Investments of Boston announced today that it will be the new manager of a $40 million retirement savings program for Sensata Technologies Inc.
Sensata, a global designer and manufacturer of sensors and controls for industrial applications, has its headquarters in Attleboro, Mass.
Its retirement plan has some 1,000 participants.
The plan’s default selection is Putnam Retirement Choice, a series of custom age-based investment options.
The retirement program is one of many new accounts that were secured following Putnam’s move towards more customization in retirement offerings, said David Tyrie, managing director of retirement services at Putnam.
The Retirement Choice funds were launched in 2006, but last year Putnam expanded its efforts to create employee education materials and programs that are customized to the firms being served.
The investment solutions are also customized, said Mr. Tyrie.
“It also speaks to our movement up market in the adviser-sold space,” Mr. Tyrie said.
UBS Financial Services Inc. of Boston assisted Sensata in securing a plan provider.
Putnam Investments had $186 billion in assets under management as of Dec. 31, 2007.