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Finance commission reviews investment report, policy update and adviser procurement plans
Summary
Commissioners reviewed a routine investment portfolio update, discussed an annual redline to the city investment policy and directed staff to complete a redline for February. Staff confirmed a request for proposals to replace or re-evaluate the day-to-day asset manager (Western Asset/Morgan Stanley relationship).
The Finance Commission heard a quarterly portfolio update and discussed the annual investment-policy redline and a procurement for the city’s asset manager.
Sam (staff member) gave a routine portfolio update noting the city’s conservative fixed-income approach and an approximate 4.7 percent return on the reported mix of treasuries and investment-grade securities. Commission members asked about return calculation and duration; staff explained the city has purchased longer-duration securities in…
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