Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Wealth manager reports strong returns and fee cut; council discusses drone donation, weight-limit enforcement and cyber protections
Summary
At the October work session, an investment manager reported double-digit returns and a cut to the borough—s institutional fee schedule; the council also discussed a resident donation to fund police drones, enforcement limits on weight-restricted streets and adopting two-factor authentication and cyber insurance.
An investment advisor who said he was representing the borough—s institutional accounts briefed councilors at the October work session and told them the borough—s accounts were up double digits year-to-date. The advisor, introduced as Eric and described in the meeting as the CEO of a wealth management group and a 20-year Franklin Park resident, said investment performance has been driven this year by international and certain growth assets and that the firm was reducing the borough—s institutional fees.
"We're going to be reducing that 17%. So currently, you're at a flat 40 basis points, and we're going to be... down to 33 basis points," Eric said, summarizing the fee change and the stepped fee schedule that will lower fees as assets grow. He reported the…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
