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Summary:
The Pension Advisory Committee (PAC) met on September 26, 2014, to interview investment managers to manage the international equity assets of the General Employees' Pension Plan. The international equity assets of the Plan are currently managed by Thornburg Investment Management, Inc. Due to performance concerns and significant changes in the portfolio management team, the PAC determined that Thornburg was no longer the best choice to manage the Plan's international equity assets. The Plan's investment consultant, NEPC, conducted a search for a replacement and recommended several firms for consideration. The PAC interviewed four finalists and unanimously selected Artisan Partners to replace Thornburg. City Council approval is requested to hire Artisan Partners and to transition assets from Thornburg to Artisan Partners. |
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Fiscal & Efficiency Data:
N/A
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Recommended Action:
Accept the meeting minutes of the Pension Advisory Committee meeting of September 26, 2014, approve the selection of Artisan Partners to manage the international equity portfolio of the General Employees' Pension Plan, authorize staff to transition assets from Thornburg to Artisan Partners, and authorize the Mayor 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, City 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 4:47 PM |
| City Clerk |
10/8/2014 5:21 PM |
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