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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 manage a separate township portfolio if the township separates its funds from the county arrangements it has used in the past.
The presentation traced how McCourt first connected with Shelley, the township fiscal officer, and with Butler County Treasurer Mike McNamara and noted prior work with Butler County. McCourt said the discussion began after township staff asked him to review how the township currently manages investments.
Trustees did not take a vote or provide formal direction recorded in the transcript. The presentation included a comparison between broker relationships, which McCourt said typically sell products to municipalities, and an advisory model in which the adviser is legally bound to act as a fiduciary to the township.
No dollar amounts, specific investment targets, custodial arrangements, or contract terms were presented in the transcript. The transcript records that the township’s fiscal officer (Shelley) and other staff members were part of prior conversations but does not show a motion, vote, or a timeline for follow-up.
The meeting record begins with roll call and an invocation and pledge of allegiance before the presentation. The trustees on the dais were identified as Trustee Bernie, Trustee Harker Meyer and Trustee McAbee; Miss Schultz called the roll. Pastor Joe French gave the invocation.
If the trustees pursue a change, steps the township would likely need to document include whether to retain an SEC-registered adviser, establish custodial arrangements, and formally separate township-held investments from county-held sweep accounts; none of those procedural steps were voted on during this meeting.
The presentation closed without a formal action in the transcript provided.
