HomeMy Public PortalAboutR2987RESOLUTION NO. 2987
WHEREAS, Section 9.3 of the Pension Plan of The Metropolitan St. Louis Sewer
District provides that the Board of Trustees of the District, may from time to time, appoint one or
more investment managers to act on behalf of any Trustee or Trustees of the Pension Plan with
respect to all or a specified portion of the assets of the Pension Fund held by said Trustee. Such
investment managers shall be either (a) registered as an investment adviser under the Investment
Advisers Act of 1940, (b) the securities of investment companies (mutual funds) registered under
the Investment Company Act of 1940, (c) a bank common or collective trust fund as defined in
the Investment Advisers Act of 1940, (d) a legal insurance company qualified to manage, acquire
or dispose of plan assets under the laws of Missouri, and
WHEREAS, Section 9.4 of the Pension Plan of The Metropolitan St. Louis Sewer
District provides that the Board of Trustees of the District may, from time to time, direct the
Trustee of the Pension Plan to invest a specified portion of the Pension Fund in a particular asset
or assets, and
WHEREAS, US Bank National Association has been designated as Trustee of
said Pension Plan, and will continue in that function, and
WHEREAS, Resolution No. 2986, adopted August 11, 2011, specified the
manner in which the assets of the Pension Fund of The Metropolitan St. Louis Sewer District are
to be invested.
NOW, THEREFORE, BE IT RESOLVED that the following investment
managers be appointed to act on behalf of the Board of Trustees of the District with respect to
the assets of the Pension Fund of The Metropolitan St. Louis Sewer District in the manner as
hereafter provided.
(A) Vanguard Windsor II Fund is hereby appointed as investment
manager for the Domestic Large Cap Equity Asset Component as specified in
Resolution No. 2986.
(B) Vanguard 500 Index Fund is hereby appointed investment
managers of the Growth & Income portion of the Domestic Large Cap Equity
Asset Component as specified in Resolution No. 2986.
(C) Waddell & Reed and Buford, Dickson, Harper & Sparrow are
hereby appointed as investment managers of the Large Capitalization Growth
portion of the Domestic Large Cap Equity Asset Component as specified in
Resolution No. 2986.
(D) Times Square Asset Management and Kennedy Capital
Management Co., Inc. are hereby appointed as an investment manager of the
Domestic Small Capitalization Equity Asset Component Resolution No. 2986. .
(E) Income Research & Management, Inc. And Loomis Sayles is
hereby appointed fixed income investment managers to manage a portion of the
Fixed Income Asset Component as specified in Resolution No. 2986.
(F) First American Fund – Prime Obligations Fund, Class Z, is hereby
appointed investment manager of the Short Term Investment Fund (STIF) portion
of the Fixed Income Asset Component as specified in Resolution No. 2986.
(G) Morgan Stanley International Equity Fund is hereby appointed as
an investment manager of the International Equity Component as specified in
Resolution No. 2986.
(H) Grantham, May, Van Otterloo & Co., LLC is hereby appointed
investment manager of global tactical asset allocation and PIMCO All Asset Fund
is appointed manager for the global tactical asset allocation and absolute return
component Resolution No. 2986..
(I) Brandywine Asset Management LLC is hereby appointed as
investment manager of the Global Fixed Income Components as specified in
Resolution No. 2986.
(J) Penn Capital Management Company, Inc. is hereby appointed as
investment manager of the High Yield Fixed Income Component as specified in
Resolution No. 2986.
(K) Pyramis Global Advisors is hereby appointed investment manager
of the Market Neutral Component as specified in Resolution No. 2986.
(L) UBS Realty Investors LLC, Real Estate Separate Account
("RESA") is hereby appointed to manage the Real Estate Investment Component
as specified in Resolution No. 2986.
(M) BNY ConvergEx formerly Lynch, Jones and Ryan is hereby
appointed as a recapture brokerage firm for the District's Pension Plan Resolution
No. 2986.
(N) Wellington Trust Company, National Association, Diversified
Inflation Hedges Portfolio is hereby appointed to manage the Real Assets
Investment Component as specified in Resolution No. 2986.
(O) Pictet Asset Management, Ltd (Pictet Emerging Local Currency
Debt Fund, LLC) is hereby appointed as investment manager of the Emerging
Market Debt (local currency) as specified in Resolution No. 2986. Pictet
Emerging Local Currency Debt Fund, LLC is a Delaware-registered limited
liability company. Custodian: Brown Brothers Harriman & Co.
BE IT FURTHER RESOLVED that the Executive Director, with the approval of
the Chairman of the Board of Trustees of The Metropolitan St. Louis Sewer District, is hereby
authorized and directed to execute any necessary instruments to give effect to the foregoing.
The foregoing Resolution was adopted August 11, 2011.