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Los Altos financial commission hears investment overhaul, welcomes new commissioner Jonathan Chang
Summary
Public Trust Advisors (now PTMA) briefed the Los Altos Financial Commission on a restructured investment program — including a new short-term ladder with roughly $20 million in a separate custody account, a 1–3 year active portfolio targeting a 1.8‑year duration, and continued use of the CaliforniaCLASS daily liquidity pool. The commission also welcomed new Financial Commissioner Jonathan Chang.
The Los Altos Financial Commission on Tuesday heard a quarterly investment update from Public Trust Advisors — which recently merged with PMA into a combined firm now referred to as PTMA — and discussed a reallocation of the city’s cash and short-term investments intended to protect liquidity for near-term capital projects while preserving yield in longer reserves.
“We serve the city as the investment adviser,” said John Grady of Public Trust Advisors. Grady told commissioners the merged firm brings expanded credit-research and portfolio-management resources and reviewed recent economic indicators, including second-quarter GDP and the Fed’s dot plot, before tying those trends to the city’s portfolio strategy.
The advisers described creating a separate custody…
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