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Investment panel adds Great Pacific Securities to approved broker list
Summary
The Investment Advisory Committee voted to add Great Pacific Securities to the city's approved broker roster to broaden price discovery and research, with the chair noting the firm appears better geared to credit assets; the motion carried unanimously.
The San Clemente Investment Advisory Committee voted on April 27 to add Great Pacific Securities to its approved broker list to expand brokerage relationships and price discovery.
The chair introduced the firm's submission and packet; committee members reviewed the materials and a member noted the firm seemed especially suited for credit assets. The chair said the packet "seemed to be well in order" before calling the vote. A member moved to add Great Pacific Securities, another seconded, and the chair recorded the item as "carried unanimously."
Staff said adding another broker is intended to increase market information available to the city when placing trades; no immediate changes to the city's investment policy were proposed.
The committee asked staff to continue vetting broker performance and report back if the city executes trades through the new firm.
