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Farmers Branch council tables vote to add TexSTAR and LOGIC to investment policy after questions about fund managers
Summary
The City Council discussed amending its investment policy to add two local government investment pools — TexSTAR and LOGIC — but voted unanimously to table action to the June 3 meeting after members asked for more information and for a representative from JPMorgan Chase, the funds' active manager.
The Farmers Branch City Council on May 20 discussed amending the city's investment policy to allow the use of two additional local government investment pools, TexSTAR and the Local Government Investment Cooperative (LOGIC), but voted to table the related resolutions to the June 3 meeting.
The item drew extended questions about how the funds would be managed and whether the city’s investment strategy would be active or passive. Lynn Huddleston, representing the finance department, told council that Hilltop Securities has reviewed the policy and that the city uses an external adviser; she also said the…
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