Board discusses creating low-fee allocation sleeve to speed manager allocations
Board members and ACG discussed an allocation-fund approach (a low-cost fund-of-funds or ETF sleeve) to avoid long contract delays; ACG will identify candidate allocation funds for further review, with a target fee ceiling around 35-40 basis points.
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Several board members urged the consultant and staff to return with a short list of low-cost allocation vehicles or fund-of-funds to speed implementation of strategic allocations. Sharik (speaker 8) argued a passive allocation sleeve could be implemented cheaply and avoid months-long waiting periods for manager approvals and said, "We cannot. Period." when stressing the board's limited bandwidth to run active manager selection.
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