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Trustees approve termination of Newton/Cowen U.S. equity mandate; assets to move to S&P 500 index
Summary
Board voted to terminate a U.S. direct equity strategy managed by Newton/Cowen and authorized transition of roughly $74 million to an S&P 500 index strategy; motion carried unanimously among voting trustees present.
The El Paso City pension board voted to terminate its U.S. direct equity mandate managed by Newton (Cowen/Newton) and to transfer those assets to an S&P 500 index strategy, a trustee motion and subsequent vote showed.
The motion, made by Mr. Pena and seconded by Representative Canales, authorized the plan to transition assets from Newton and Cowen and authorized the chairman or the executive director to execute the related documents. The motion carried; trustees recorded affirmative votes from Mr. Cruz, Mr. Grinchas, Mr. Pena and Representative Canales.
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