Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions topic
No spam. Unsubscribe anytime.
Pension consultant: Torrington plans up ~15% for fiscal year; manager change recommended
Summary
Fiducien Advisors (rebranding to WellSpire Institutional) reported both Torrington pension plans were up about 15% for the fiscal year ending June and recommended replacing Conestoga (small‑cap US equity manager) with Driehaus Investment Management.
Krish Cashmore of Fiducien Advisors (noting the firm is rebranding to WellSpire Institutional) presented the trustees' quarterly pension review and told the council the pension portfolios were "up about 15%" for the fiscal year ending in June. Cashmore said aggregate fees across managers and custodial services run about "0.5 of 1%," which he characterized as consistent with peers.
Cashmore recommended removing Conestoga, a small‑cap U.S. equity manager that has "stubbed their toes a couple of times," and reallocating that capital to Driehaus Investment Management of Chicago on a dollar‑for‑dollar basis. He framed the change as an operational manager swap that would not alter the plan’s overall strategy or allocation.
Council members had no immediate questions that changed the recommendation; the council noted it could consider the recommendation in a future agenda and will not vote on manager replacement without additional process.
