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Storey County treasurer authorized to engage Buckhead Capital Management as investment adviser, move Wells Fargo funds
Summary
Storey County approved a resolution authorizing the treasurer to enter a custodial arrangement with Buckhead Capital Management and transfer funds previously held with Wells Fargo Securities to Buckhead's custody after legal modifications to the agreement to be governed by Nevada law.
Storey County commissioners on July 15 authorized the county treasurer to engage Buckhead Capital Management LLC as an investment adviser and to transfer the county's funds previously held with Wells Fargo Securities LLC into Buckhead's custody.
Jim Hindle, county clerk and treasurer, explained the county currently uses a mix of investment managers and recommended the shift because of better local representation and communications with Buckhead; Buckhead maintains a local representative, Tara Hagen, who joined the meeting. Hindle said the county would retain other existing investment relationships and would move only the portion held with Wells Fargo.
Deputy district attorney review requested that the governing law clause be changed from Georgia law to Nevada law; Buckhead agreed to that modification before the county executed the agreement. Commissioner Mitchell moved approval; the motion passed unanimously.
Hindle said the change is an operational decision to improve communication and oversight of assigned investments and does not affect the county's investment policy or stated capital needs. The transfer will proceed under custodial and custodial-agreement terms; the treasurer will execute subsequent transfer and custody documents.
