Iowa Public Employees' Retirement System (Ipers) has appointed Schroder Investment Management as transition manager for a $600m (€504m) European equity mandate, which was previously managed by Putnam.

The $16bn fund terminated Putnam's contract following a probe by the Securities and Exchange Commission (SEC) into mutual fund trading irregularities. Termination will take effect on November 30, but Putnam has been prohibited from trading the Ipers account.