HomeMy WebLinkAboutCOMM - Meeting Minutes - 199 SP - 3-19-2003 - RETIREMENTSoid By ]MR Limited Form 825 FOG102204
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Minute No. 199 SP Washington County Retirement Board
Washington, PA, March 19, 2003
The Special Meeting of the Washington County Retirement Board was held at
approximately 1:00 p.m. Wednesday, March 19, 2003, in the Public Meeting Room,
Courthouse Square Office Building, Washington, Pennsylvania, with the following
members being present: Commissioners John P. Bevec, Diana L. Irey, and J. Bracken
Burns, Sr.; Treasurer Francis King; and Controller Michael Namie. Also present:
Catherine E. Kresh, Administrator/Chief Clerk; Roger Metcalfe, Budget Director;
Joyce Thornburg, Secretary; Linda Metz, Observer -Reporter.
Mrs. Irey made a phone call to Frank Domeisen to see if he was going to be
present at this meeting. Mr. Domeisen stated that he was on his way and would be at
the meeting shortly.
The meeting was called to order at approximately 1:02 p.m. by Chairman
Bevec. The first item of business was the discussion and hiring of a large cap growth
equity manager. Four managers were interviewed: Ark Asset Management Co.,
Ashfield & Co., Inc., Dresdner RCM Global Investors, and Eagle Asset Management.
Mr. King entertained a motion to hire Ark Asset Management Co., Inc. Mr.
King stated that he believes that Ark Asset was the cream of the crop because they did
well during the up and down market. Mr. Burns seconded the motion. Mrs. Irey
agreed with Mr. King saying she thought that their presentation was excellent in
explaining to the Board exactly how they would handle the investments, how they
would watch the investments, and what they would do as far as waiting out problems.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Burns — Yes; Mr.
Bevec — Yes.
Motion carried unanimously.
The second item was the discussion and hiring of a fixed income manager.
Four managers were interviewed: B1ackRock, Federated Investors, Lord Abbett, and
Richmond Capital. Mr. King stated that he believed all four were top notch
companies. Mr. King entertained a motion to hire B1ackRock. Mr. King continued to
say that not only do they have quite a bit more assets under management than any
other company, but they will also save 6-8 basis points on our fee and will continue to
be competitive. Mr. Namie seconded the motion.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Burns — abstained
because Mrs. Burns is employed by an affiliate of BlackRock; Mr. Bevec — Yes.
Motion carried.
Linda Metz from the Observer -Reporter asked when the transition would take
place. Mr. Burns responded that RRZ is on notice and Mr. Bevec stated that it shoWd
take approximately 30-45 days.
Mr. Burns entertained a motion to adjourn the meeting. It was seconded by;
Mrs. Irey. The meeting was adjourned at 1:09 p.m.
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THE FOLLOWING MINUTES SUBMITTED FOR APPROVALa
200
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