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HomeMy WebLinkAbout2011-10-19 Police & Fire Pension Board Minutes City of Dania Beach Police and Fire Fighters Retirement System 113 S.W. 1 Street Dania Beach, Florida 33004 Phone: (954) 921-0404 Fax: (954) 921-1403 E-mail: PFPENS@bellsouth.net Page 1 of 3 MINUTES OCTOBER 19, 2011 REGULAR MEETING I. CALL TO ORDER The meeting was called to order by 6:10 pm MEMBERS PRESENT: MEMBERS ABSENT: Chairman Larry Rogers Lottye Crooms Vice Chairman Ted Spongross Secretary Vince Marlin Carolyn Jones Todd Neal Wardell Lee Roger Handevidt Mayor Pat Flury ALSO PRESENT: Attorney Pedro Herrera – Sugarman & Susskind, PA Mike Welker – The Bogdahn Group Jon Breth – The Bogdahn Group II. APPROVAL OF MINUTES MOTION by Ted Spongross to accept the minutes from the September 19, 2011 meeting as submitted. SECOND by Todd Neal PASSED UNANIMOUSLY III. CONSENT AGENDA No items listed on the Consent Agenda October 19, 2011 Page 2 of 3 IV. OLD BUSINESS 4.1 The Bogdahn Group – Investment Manager Search Mike Welker and Jon Breth from The Bogdahn Group presented to the Board three evaluations that they prepared for review: The Large Cap Core Equity Manager Evaluation, Large Cap Growth Manager Evaluation and International Equity Manager Evaluation. The Bogdahn Group listed five investment managers for the Large Cap Core Equity Evaluation. The five listed were Dana Large Cap Equity, FMI Large Cap Equity, Herndon Large US Core, Manning & Napier US Core Equity and SBH All Cap Core. Dania Large Cap Equity, FMI Large Cap Equity, and Herndon Large US Core were chosen to be interviewed at the next trustee meeting. Mike Welker and Jon Breth discussed Core managers and Large Cap Growth managers. The Bogdahn Group listed five Large Cap Growth managers for the Large Cap Growth Evaluation. The five listed were Atlanta Focused Growth, Brown: Large Cap Growth, Dana: Large Cap Growth, Sawgrass: Large Cap Growth and Winslow: Large Cap Growth. Mike Welker discussed that Core mangers have a value bias and therefore can be one manager for both large cap growth and value growth. The Board decided to just interview Large Cap Core Equity Managers for the total equity growth portion of the plan and not interview the Large Cap Growth managers. The Bogdahn Group listed five investment managers for a portion of the International Equity of the plan. The five listed were DePrince, Race & Zollo, Inc, Dodge & Cox, First Eagle Investment Management, RBC Global Asset Management, Franklin Templeton Investments and Third Avenue Management. Mike Welker discussed thatthe plan should have a international value manager to complement Barings International Fund that the plan is currently invested in. The Board decided to interview RBC Global Asset Management, First Eagle Investment Management, and Franklin Templeton Investments. The selected investment managers will be interviewed at the next trustee meeting on November 14, 2011 at 6:00pm in the office. Mike Welker also discussed the trade of Atalanta Sosnoff termination and sale of investments. GTS the transition manager did not charge the 30 basis points as previously estimated which is good for the plan. Atalanta Sosnoff investments were sold on September 30, 2011 with the trade date of October 3, 2011 and then invested in the iShares Russell 1000 Growth Index Fund until a new equity investment manager is chosen. October 19, 2011 Page 3 of 3 V. NEW BUSINESS VI. CORRESPONDENCE VII. RETIREMENTS / TERMINATIONS VIII. OPEN DISCUSSION AND INFORMATION 9.1 Attorneys Report Attorney Herrera reviewed with the trustee’s current pension issues with the state legislature 9.2 November 14, 2011 Board of Trustees Meeting Discussion took place regarding the next Board of Trustees Meeting to be held on November 14, 2011 at 6:00 pm MOTION by Chairman Rogers to change the November 14, 2011 Board of Trustees Meeting from 7:30 pm to 6:00 pm in the office. SECOND: Ted Spongross PASSED UNANIMIOUSLY X. ADJOURN MOTION by Roger Handevidt to adjourn meeting SECOND: Ted Spongross Meeting adjourned at 7:05 PM