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PRIM reports gains and low average fees; Needham board hears investment update as assets rise to about $275 million
Summary
PRIM representatives told the Town of Needham Retirement Board that the portfolio returned about 9.6% for the most recent 12 months reported and that Needham's PRIM account stood near $275 million as of August; PRIM said total fees averaged roughly 53 basis points and described asset allocation, liquidity and governance.
Representatives from the Pension Reserves Investment Management (PRIM) board presented an update to the Town of Needham Retirement Board on Oct. 15, reporting 12-month performance, the system—s asset mix, fee structure and operational changes to account access. PRIM said the Needham allocation had about $275 million in assets in its most recent reporting and that the 12-month return was roughly 9.6% through the reporting period.
PRIM staff described the fund—s approach to managing costs and diversification. The presenters said that, when expressed as a single blended number for the portfolio, total management and investment-related fees ran in the low- to mid-50 basis point range…
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