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Summary:
The international equity assets of the OPEB Trust Fund are currently managed by Thornburg Investment Management, Inc. Due to performance concerns and significant changes in the portfolio management team, the City's investment consultant, NEPC, recommended the replacement of Thornburg. NEPC conducted a search for a replacement investment manager. On October 3, 2014, the City's Investment Committee reviewed the firms recommended by NEPC and voted unanimously to recommend to the OPEB Board of Trustees the selection of Artisan Partners to replace Thornburg as the investment manager for the international equity portfolio of the OPEB Trust Fund. The meeting minutes of the Investment Committee are attached for reference. |
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Fiscal & Efficiency Data:
N/A
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Recommended Action:
Approve the selection of Artisan Partners to manage the international equity assets of the OPEB Trust Fund, authorize staff to transition assets from Thornburg to Artisan Partners, and authorize the Chairman to sign any necessary documents. |
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Agenda Item attachment(s) on file in the City Clerks Office.
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Note:
All agenda items must
be in the City Clerk's office by Noon Friday, six(6) business days prior to the
regular Monday City Council meeting.
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Contact:
Christopher P. McCullion, Treasurer
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Approved By:
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Department
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Date and Time
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Budget Outside Routing Approval |
10/8/2014 4:56 PM |
City Clerk |
10/8/2014 5:20 PM |
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