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02/28/2000 (2) .. I, t .f: .' , J.~ ~. ' ',. " " ',', I , ' ',,1,'1 ,.". ; " . i' . " I J.'}' ~ . ';,:, : '~ , .' . ',' . , ' , , .t ;;. ''', ~. \:' . '. >.' ~ i l " , , " . " > .. , '. . '~. '. ,:....... ' , , . . .. ~ ~'l.E.': . I '. . . .\ ~-' . '1' ", ' , , .'.11.,. '.'. . , .',1<> ~~ / , .~.-: . IF' , , , " \ I _ " ".' .. i c'. ,. ~ ,. " . ',' . \' " , > l '\ I' .; , " I! ',f"' i " .' . ~ '..\!.' c A' ~; . ~ , . ~. . . . ' , " ',.' \ 1 { " , \ ~ . , ~, 1 ')" ;. ',;,' , " ~",,;., 'r ,":, ' "," , , . ,:; , , '. .> J ~ " . . : I '. .\: .. I . '. I . J ',.,". 1+" > , :i:;i..,'.... /':,>'",:"',.1<"':".,... ,'., ':'" :: :". . I. ~. . I .. , ~, .' ..'.. J , ~ .' , t' '. ,,:;','{;'j, ;-'::"" .~,.:" ;'.' " "',::" ',J" :'" ,,~' :','," , , . ' c '1 , .. . . . I,'; Cfit.',.::'."..,.,',.';',,' ',' .', .' " , I c I , li>-~ ~, l,--,"',':, L ~.il,f )0 "\ .. .. ,I ~,-",I~ ~. .:\.;"I...~'l~:i ~;1.1';' .rl~\t~.:' ~j~ .;.:. .1:..: ..~!.:i' (.: : .~,.: :';... : ~ I~ oi ;".; " ~. ~ '</11. ~. ". ~cl' :: ..-j', ~ ~ , :' ! , . : , . " , I ' . I', ' , , ..' ' I , , " " I, ' " - ~ f I' . >~ . t., I . '. ( t .' .. .1" ~ '. ''I ~ "I, 'I .:, . ',\' /..: c' , ' ,'. . ,/ ' " " I, '. ~. i , . ~ ,', ',;. . ,', , , . " : ~. ' f 'i.,'1 J,: ~. . \~ . 'e < ~ . '. I, l " I , ' \ ,\ , :, , ' ", , p' . PENSION ....(TRUSTEES) . , I , ,I " ' j I l , , t','J . " , , . ~ '. c' ' ) , <'. " <, '. . , ' "..~ B'oard o,fTrustees of the Employees' . Pension 'Fund Minutes " " I'. . 'f' , . . . .' ! , ' . ~, .c':': .,. , ; : \ ... , ,; Date ~~. :<. '(- ()tJ i 'I I \ I I , , , '. :~ : 't';., <. , , " < ~' '. ~"\' 1 " 1/ {,.. , ' ,:. ~ , , ','1 :::'. I','. r';. .' .'\ ~ , , ':\,. '" 'r:j ~,I " " ,/< : .' 1", I, ,) ( ,'.'!.I I J \, ~ ~.. , ' I. .' .tj. /1 \ " ',' /8/1 \. . c ~ .' ,..... \ .. " ;'(/'" , ,,1: " ," '''':. , , '~ . I . 0 , ~, .' ,. ." ~', '>:\1 :-C"\ /'1. . . " . ~ I. /.' \. f '. 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'..\" ' I II " 1\ ., l""'~ .~'\ ". _ ,'I -"~,~Jl ~~~I{.:.~.i;Vfi}t.~~V~S:y} ~;:tJ~~ .\111;.:<"" l' \~""I,~,i). ;..I\");;{:,;' ~~\Jr'~~'\ OF ~:/: (.;, .~ :.. flt .'It . ,:l -I. ! i ,'.; I ~, _. '~r;, . / \~\ t+'j f ,". ..\ .(".. '(,,; \"., ,'> /l.'.f- ~;:. I..' ":>. '!, ;" -1)1 ~l\ ,. ~~ u' ~,'. '.; , ,i'l.~'~~. "', ,; .:: '1 { ::1.4 ~" J.t' .-C~' 6Jc>;.;'l,f:"""ft~~~I."~' ($ ~~":'~.~:~. ;,'.' Ti.!' "<'~,';:" .~" ~!tl~" ,'i,'I'" ~'-TI' l?r-"f' ./l\ .f. If .;,~' '~fJ"""'" t ' -" " '~ '~J.,.lf (', ....~r....,..., . %.... '\.~ -" ~..~..,~t:;""~~;.~~\"'.>.:~'~tL;:lr;'~\li.!~;... :~t.\:\.J~.l.;o';~\,:\l":,15~-I-:"r,,-II:lILI"\I.'I(\"/1 .'.\il{'f~""/" J:'J;' .: ','1 "j"\! r'.,'-I::~'" '~,,'.I{'>,"-.,:/:~, '1'.':; ~, ~.nlf' -!- '~J".';- "1,\,'1/"': :.l: .... r{1J~!':+ ~r.~;'('I~~..i'.r l;!;j~; ~~I;r;.~~,i-:".:t :.~J~ :},'~L,/l/:~~l'(:i) ~';,;'. :~./ < I '.d: . :t:l'~:. ! C,. ;;r: .//\,' ~ " - ',~ ~~~ ' '. ~ ',' :/'.' .. I:' ...~,) ~. i ,I ~~ " .': ~~ _ " ~ -I i 1". .... ....: '..\' 'I': ~. .' ' .~,:;~..,' .'~ .l"\'~, \:",\, ' 1.,:- I "'. /-' 'J .IJ3. '~~',\,~, " J. '~~d. '\~~(l '~, '''l'lt.,.'~-I.l . .,. .."'j +...t. \ .- .,' d' -" . I ': . I , I' .'. .,' .. I~ I. ,J ~", ~!.. , ,.J}:!.,!I:::~:i\:;:,,,\~,.;"-,'-;;,;:f/:::;'/','.:'.,. ';.,,:\:.,';<;.y:,;;_>:',,"':.'"''~:,.':<''''' ',I ,',';" '". ::.' ,\,',:, ,,'!' ',' " ' ,," , '~I,,:':</ ,I " '" 1:.'/:: '". 'I, , I ACTION AGENDA 'Board of Trustees of, the Employees' Pension Fund' February 28, 2000 , '.-. :. .',' f';r..~I$ !\', ~ ~ > ,,' 1'. Call to:'Order 9:00 a.m. 2. Approval ~f Minutes: 2/14/00- Approved as submitted. " , 3.' Authorize transfer of portfolio from' Hanson Investmont ,Management Company to '3Bridge Capital LLC and approve contract with 3Bridge Capital LLC Authorized. Approved. , ' .4: Other Business ~'None. 5. A~journ 9: 16 f1.m. . \ ' / ~ - ; '1l '11'. " . r.~ ' ,/ \ ' u ',\ " .. ' I' .i . I', " , , :'. '. I< '1).:;,,;'0:: ' :" ,:,: /,"'.'::':: :;~' '. " : - ,L, c': " . I;, . " ,\ " ' "~ '. ,; .' " , , ' , , , ~ . ,'1 " .'. ":, I ': H J, "l' ," i (, ' , '~ ,< 0" \'c .,". ~ TRUSTEES OF THE EMPLOYEES' PENSION FUND MEETING CITY OF CLEARWATER February 28, 2000 I. .' "'r!'. '. . , :(~ c '~f Present: ' Brian J. Aungst Ed Hooper' J. B. Johnson Robert Clark Ed Hart Chair , Vjc,e~Chair/Trustee Trustee Trustee Trust'ee '" (.':'1 : \, ) , , , t<':'1"l I, r :/\ ~. Also presen't: Michael J. R~berto Pamela K. Akin Cynthia E. Goudeau Brenda Moses City Manager City Attorney City Clerk ' Board Reporter ,\' .Jt " \~ ,. I I': : ~"} t , ;/ ....:.j., ,11" "l, ;,,:, The Chair called the meeting ,to order at 9:00 a.m. at City Hall. ~..; I ','5i .. ~ " ~ ~' 1 . To provide continuity for research, items are in agenda order although not necessarily discussed in that order. '^ ! ' , " r 1,\ ,.', ITEM #2 - ADProval of Minutes: /:< 6;' ,\' :"\'J' {\. . ~ ~ . ''1\ l~J ~'\ Trustee Johnson moved to approve the minutes of the February 14/ 2000, meeting, it :(~ ' as recorded and submitted in written summation by the City Clerk to each Trustee. Tha ~:r~~~V motion wa~ duly seconded and carried unanimously. ITEM #3 w Authorize transfer of portfolio from Hanson Investment Manaaement Company to 3BridClB Capital LLC and approve contract with 3Bridae Capital LLC: ~~j~Y :.i':.'l >:.>:' ,': " '~ n On December 31, '1999/ the Pension Plan had $91 million with 'Hanson Investment, Management invested in equities using a "growth at a reasonable price" style. On January 6/ the investment professionals with Hanson Investment Management quit to creat their own firm, 3Bridge Capital LLC. The assets of Hanson have been taken over by Sirach Capital management, which does not have the investment style the City utilized at Hanson. The Pension Plan currently has $48 million invested in a fixed income style with Sirach. 3Bridge has offered to manage the City's portfolio the same way as they did at Hanson. Their fee is .01 % for the first $3,000,000; .005% for the next $15,000,000; and .003% for the remainder. This is the same as the fee paid to Hanson. As an incentive to induce the City, 3Bridge has offered to manage the City's money for free for the first 30 days. Calfan Associates, the City's performance measurement company, has interviewed both firms and strongly recommends the portfolio managed by Hanson be transferred to 3Bridge. _ Members of the investment committee have conducted site visits and recommend the portfolio at Hanson be transferred to 3Bridge. Staff does not recommend leaving the portfolio with Sirach as it would be equivalent to hiring a new investment manager without performing due process and the Pension Plan already has 2 other "growth" equity , managers~ Upon Trustee approval of the transfer to 3Bridge, staff will give Hanson the 30~ day termination notice required by, contract. "I' 1':.1 :I~,' > ~~,'. ',~ \if .~:! : ',[ 1'" .~ . .. I ;;.:J I. ' 'I" V ".1 \,". ~I .~ ,,/', \Jl "/\ \j...~ :.[ \( ;1:1{ :-'4, " ',f, 'I 'I ,'< -'1,', \.-1 mpf02bOO 1 ' 02/28/00 t J' ';. \ . .' J.:> ."/ \.J I. " . . ,fl' 'I~'~~) '?" :'~:': >;",":,~ :1 . .',>~'" l/~! ~" '<,,: -,,:/;:~ ; "',":" ~',~ " 'r: - \- .,. J ','I ' "., \ '/ ,;,,', ',',:'/.- l\' ':':' \ ,~ L . r;, I ~. . .. I I ,',IY .... ," ~.~.j,. r: I, , I ,.1 ,: i(\;;}: ;<}/~;i~< ::::::; ':;; ;;:,},~~" , 'iJn , '. ",' /,., \"\,,, ,\ {, ,I, I' ",""" l' , < . . \".' I"~" I I ., /.' ~I.. . . ." ...; t . '!. . ~t . /' \'1 ". 1'" . . '4 , ~. I '!. ~"'Lf"~./''''''':\\'('''i~..I~: ",... ::~(~;';'}"/'I 'I T,\:' ,'.~\/.:'CI, 'f.'" I~ .,'1. ", > 1+,' J/+ ~ I' !'; \., - "~ ,; ;:;'/",i",::,~,~~:', .:,: ',;',':: .,.,:"",. :',:"';'~:,, :,,: ."',.~_,',,',~':,~I<,..,:;I,,;,,,:::,','~.: ":;':::,';:/){;)".~/";;\"'-":': ',i'.,',,;, 'y" 1\ .... .~ '..:.~., ",',':. ,~'.., ;Cf. -"':",,; ,'- .. , " ",~; I , ';' .',,' ". . .... ;, j,'tl. " '1 , . ~. :. 'f, \ . "",1.. '~, ; " "", I,. t', ,/', 0' ',' ..... .0.':"'" ,<.: ,,', . '.~ \ ~ > ' ~ , f, ~ +{ .' 't', .~: c' ~ +' , ~( I II' J .' . c' '. ,. , ' I " I' ~.' , : ~ ". .' , I, " , : , -' Ie j.~ ... " . . ~ , I, ., " , " , ' .,1 . .' ' .,', , " ,~;'.;,:,', :~:,:',l;:,;: .,:>,.,,!;~;,,"/:,:,},'~ j.l"..;(i..:/>A:;'1:~'i,:\:i"J.,;<.I:,:,t<{ '<: ~" "': ,'.,;: :-.:,';1;' ,'..':: ,'. ~, " ," 1, ,~~.:(1<"1.\~~~,.I' I I ......,~.' ,..\ .L.t JqUL~I" ,ft, ~,~, ~,~I:, ~1 ' " I". . ~. I. L '..' ~~t'::/~r~,~,~;~:~,:i;'" !:";",:"':~~"":);.' ~::~,~'::.'{':<~' :,'~,:::~ ':, ::; ,'~~:~',:::'::~/':;: ':,:' ; \"',: : ;:' ~:::.;: <~I"?' ;:" ,;; i', ' , :, / '. . ",", I ' : :\,'I>:.r,'.," ,:::i' ,:"',;i "'}' ',' .~"'~' ".r;' , ,"',' '. j) " , ,'j ...,' ~ ,< . .j, I I : \. ',. : .,'. t :'I! .. ,', " .., i , I" < , 'q. ." . . , . ...\ ~:;." '. i ~ ',,' " '.. . ;, 'I, ,,' I. , i:"'~'" 'I ' ;, ~'. c \! I,-,,,~, ',/ , , ' , ' Steve'Mosku'n, Cash & Investment Manager with City's Finance Dapan:ment, said staff wlllclosely monitor this transfer. In response to a question, he said staff has researched companies for the lowest management costs and found 3Bridge to offer the best rate. Finance Director Margie Simmons said staff considers the money manager, not, , the firm. This transfer represents 18.5% of the total Pension Plan. 8taf1,is happy with Sirach's fixed income portfolio but feels '3Bridge more appropriate for the balance previously handled by HE/nson~ It was noted the City's Pension Plan ;s in the ,top' 4% in the entire country., Staff has confidence this transfer is,in the best interests of the City to maintain diversification among fixed income and equities. Mr. Moskun said 3Bridge will spend more money than did Hanson for research and personnel and expect to have over a' billion dollars in assets. Staff expects this transfer will result in better performance of the, Plan as 3Bridge is an. employee-owned company wi~h more incentive to perform. Trustee Johnson moved to approve the 'transfer of portfolio from Hanson Investment Management Company to 3Bridge Capital LLC and approve a contract with 3Bridge Capital LLC. The motion was duly seconded. Upon the vote being taken, Trustees Hooper. Johnson, Hart and Chair Aungst voted "Aye"; Trustee Clark v~ted "Nay". Motion carried. ,; r. '. " , ITEM #4 - Other Business - None. ITEM #5 - Adiournment ' " i'~;i.;~ f'i."i'l' The meeting adjourned at 9:,16 a.m. ATTEST ~L fL 00. , () City Clerk g .. c~~ ,'j , ' ......,.,1 mpf02bOO 2 02/28/00 "j .' l;" , , ','. \' I /' " ,;.:,":' t::; .' ,:,\" ~~t ~ "~I ''\' . ',', : ~ 1 " ; . '\ : ,,' ,.,,' ., ;:'/ t' ,'. : ~, '\\~. . .',;,'~"':"<;.l,:' ',' s ~ , \ ..:'~~' j.....~i,:;:. '.~. ..~'l ::(:,' ',': :" :'<:,/,:,:;:',.c :"',;, ::,'-.;\,: j::,,:,: )'r..\:, .';:::" ~: ',"t/ ",,:,.:/..,/~ I. ......J,.. \/ ,'i. ,I,+;~..,~L': "'/./~'.;:-:--:... ." ' .,j. I, '.', , ',' \,:,'>..:,..;t :'.r ,,:.;', ,,!-(',,' , 'I'" ',', ,;.... . '. :,': / i'~;"lv:'/'>:-,,:':"~ ',','/i", "l~' > , . \' '" , " ' " . ~ I " ,'. I. 1," ,{1 " 'I.J' t( ~ \ . i.)' , l.. ""' .p,,, r .( /.... ~ .. .1 '. ~~, ~. 'I... . ' .. oJ '-I. J'~ , ,.''''' ~;'.. .:\:,..:.:,<::.~f .:'I~.. .:~. I~:.: ,',,~:~,:,.;:~ .',:,',I,'~,:,'. 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