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Trustees debate OPEB custodial options; local adviser and broker-dealer options explored
Summary
The board discussed whether to keep its current investment adviser (Asset Strategy), move to Marquette, or use a broker-dealer/family-of-funds approach led by a local representative (Edward Jones). Trustees cited cost, underperformance and transfer friction as key concerns.
Trustees discussed the library’s OPEB (other post-employment benefits) custody and advisory arrangements at length, weighing continuing with the current adviser against switching to Marquette or using a broker-dealer/family-of-funds approach through a local firm.
Why it matters: The board manages a modest OPEB balance that trustees said does not justify high ongoing advisory fees; members emphasized cost, performance and the administrative difficulty of moving…
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