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Bernardi presentation: village hears case for keeping broker-dealer model, staff asked to study longer-term buys
Summary
A Bernardi Securities representative reviewed the village's municipal bond portfolio, recommended remaining on the broker-dealer transaction-cost model (15 bps last year) and suggested the board consider extending the general fund's maximum maturity to capture higher yields; trustees asked the treasurer to evaluate options and return recommendations.
A representative from Bernardi Securities reviewed the village’s cash-management portfolios and recommended keeping the accounts on the firm's broker-dealer transaction-cost model while asking staff to explore selectively extending maturities to lift yields.
At the meeting, Bernardi’s presenter (Speaker 4) said the firm has operated for more than 42 years and manages roughly $2,000,000,000 in assets. He explained the village has two platform choices: a broker-dealer transaction-cost model and a registered investment-adviser fee-based model. "The direct transaction cost last year was about 15 basis points, 0.15," he said, adding that the fee-based option would have been about 20…
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