HomeMy WebLinkAboutMinutes 03-19-2008
ST. LUCIE COUNTY
INVESTMENT COMMITTEE
SPECIAL MEETING
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Date: March 19, 2008 Convened: 8:20 a.m.
Tape: 1 Adjourned: 9:00 a.m.
_________________________________________________________________
Present: Howard Conklin, Chairman; T.J. Buckley, ‘‘‘Mike
Dillman, Edwin M. Fry, Jr., Clerk of Circuit Court; Shai Francis,
Finance Director; Lauri Heistermann, Deputy Clerk
Absent: Todd Bevan, excused; Chris Fogal, excused
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Due to equipment failure all items discussed may not be noted.
Tape 1
I RECOMMENDATIONS TO INVESTMENT COMMITTEE FOR INVESTMENT
MANAGEMENT SERVICES
The Clerk of Circuit Court reviewed the background of each firm
With the Investment Committee.
The following is a list of firms that submitted proposals.
PFM Asset management
D.A. Davidson
Sawgrass Asset Management
Columbia Management
Capital Guardian
Fifth Third Bank
Evergreen Investment
Trusco
Seacoast National Bank
US Bank
Wertz York Capital Management
Allegiant
The Finance Director stated that after review, Seacoast National
Bank, US Bank and Allegiant were eliminated due to fee reasons.
Wertz York Capital Management was eliminated due to the COREfund
utilization. Currently, the COREfund is not an authorized
investment vehicle by the County’s Investment Policy.
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The Finance Director stated that after further analysis, the
eight remaining firms were evaluated based on different criteria
specified on the request for proposal.
The Committee discussed the different criteria based on the
attached evaluation form.
The Clerk of Circuit Court informed the Investment Committee that
he was proposing to select the top three firms and invest money
with the 3 firms.
The Clerk of Circuit Court requested that the investment
Committee rank the top five firms. If one of the firms does not
hold up to their agreement the contract would be terminated and
the next ranked firm would be utilized.
The Clerk of Circuit Court stated that the contract term would be
3 years.
Mike Dillman stated that he works for Wachovia and requested that
he not be included in the ranking due to a conflict of interest.
The top five firms selected by the Investment Committee are as
follows:
PFM Asset Management
Sawgrass Asset Management
Capital Guardian
D.A. Davidson
Columbia Management
The Investment Committee recommended contracting with the top 3
ranked firms.
The Investment Committee recommended that the Clerk consider the
recommendation of the Investment Committee in its advisory
capacity.
The Clerk requested the Investment Committee members, that were
present at the meeting, meet with the five commissioners and
recommend the implementation of an Investment Manager.
There being no further business to be brought before the
Investment Committee the meeting adjourned at 9:00 a.m.
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