BMO Investments Inc. is dropping Putnam Advisory Company, LLC as the investment advisor of its BMO International Equity Fund. Putnam is being investigated by U.S. regulators for alleged abusive trading practices.

A worldwide search is currently underway to identify a new advisor. In the interim, an experienced team of portfolio managers has been appointed to manage the fund until a new advisor is found.

“While Putnam has assured us that the BMO International Equity Fund was not impacted by its past investment management issues, we believe a change in the sub-advisor is in the best interests of unitholders at this time,” said Ed Legzdins, president and CEO, BMO Investments Inc.