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Trustees hear pitch to move township funds to SEC-registered fiduciary adviser
Summary
Fairfield Township trustees heard a presentation from Jim McCourt of METER Public Funds about switching the township’s short-term investments from broker-sold insured cash sweep products to an SEC-registered investment-advisory fiduciary relationship; no formal action was taken.
Fairfield Township trustees heard a presentation Tuesday evening from Jim McCourt of METER Public Funds proposing that the township shift from broker-sold insured cash sweep accounts to a portfolio managed under an SEC-registered investment-adviser fiduciary arrangement.
McCourt told the board that METER Public Funds is an SEC-registered investment adviser and “we are a fiduciary,” and described the firm’s role as acting “essentially an extension of your staff.” He said the township has historically held funds in an insured cash sweep product and that his firm could…
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