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Clayton council hires UBS for investment advisory services, updates policy
Summary
The Clayton City Council voted 5-0 to authorize an advisory agreement with UBS Financial Services to manage the city's short-term portfolio and to update the city's investment policy. Council and staff cited higher projected yields and reduced staff time as reasons to move from a nondiscretionary brokerage account to a fiduciary advisory model.
The Clayton City Council on Feb. 4 authorized the city manager to execute an agreement with UBS Financial Services for investment advisory services and to update the city's investment policy, voting 5-0.
Council members and staff said the change moves the city from a nondiscretionary brokerage account to a fiduciary advisory model that would allow a UBS portfolio manager to manage day-to-day investments under a defined strategy. Regina (Assistant City Manager) briefed the council and introduced James Dill of UBS Financial Services, who described the proposed advisory arrangement.
"We would still provide all of the comprehensive reporting, the risk management, the monthly reviews," James Dill said, describing UBS' proposed role as a discretionary portfolio…
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