Loading...
HomeMy WebLinkAboutM-77-065447. os-,ph R. Grassie y\ Manager • Irwin Secretaty' Board of Trustees Retirement System %- t Ci 1 i • jbhe 803 1977 Re; Ratification of Trustee Action The Board of Trustees of the Miami City Employees' Retirement System have approved engaging the firm ";'ecurities Management Evaluation" to provide performance measurement and portfolio audit services, In lieu of payin::. .12,500.00 in cash for the above services, the Trustees' approved directing to Drexel Burnham Lambert, Inc. a portion of the brokerage business incurred in the normal activity of the fund. The fee under this method is .:25,000.00 in commission dollars `fully ne::otiated./best execution basis) . The Trustees' advertised for proposals and received eight bids. "Securities :.: nn,:ement Evaluation was selected based on the facts that they 1) had met all the spcci.flc`:tions, 2 were one of the lowest bidders. and 3\ a }•e a local firm, thus providing the Trustees with accessibility. Please schedule this item for the City Commission agenda for ratification:. 1 To The Board of Trustees: - Our bid for the Financial Services to be rendered to your Board, in conformity with the specifications presented in our proposal dated March 3, 1977 is as follows: Performance Measurr:ment Services Portfolio Audit Service* $ 9,000.00 3,500.00 $12,500.00 *Including 500 activities, per annum. Each addit: i.onal a•-tivity shall be $1.50 per transaction. The above fee is quoted in HARD DOLLARS and is based on your Custodian Bank preparing the data in -put forms. This proposal includes, preparation of a historic analysis of performance for the following three managers since the inception of their contract. Bankers Trust Montag & Caldwell Supervised Investor Services (Kemper) SECURITIES & MANAGEMENT EVALUATION 3100 First Federal Building • Miami, Florida 33131 • (305) 358.7263 A D y s,on of Rre,e' Q rnhom & Co Iirooporoted III II I IIIII I I■IIIMiim l 'ou have the option, in lieu of cash, of paying for these services by directing to Drexel Burnham Lambert, incorporated a portion of the brokerage business incurred in the normal activity of your fund. The ratio of directed commission business is on a TW�O-ONE BASIS, FULLY NEGOTIATED/BEST EXECUTION BASIS. For the purpose of this form of payment, "Underwriting Credits" on fixed income investments, will also be acceptable. If you accept the above method of payment, the fee will be as follows: Performance Measurement Services Portfolio Audit Service* $18,000.00 7,000.00 $25,000.00 *Including 500 activities, per annum. Each additional activity shall be $3.00 per transaction. The above fee is quoted in COMMISSION DOLLARS (FULLY NEGOTIATED/ BEST EXECUTION BASIS) and is based on your Custodian Bank preparing the data in -put forms. Prepayment for services rendered is permissable for a one year period and a 90 dray grace period will be allowed, to cover any year-end short -fall. Resp, tfully suhmitt�eh► ° ,)j � C�c ,Roger D. Soman ✓ Vice President Pension Fund Consultant RDS:dee The Board of Trustees Miami City Employees Retirement System Miami, Florida 33133 ■ • ('rceftient between brexel Burnham bambertfr ihce with offieeg At 3100 First Federal Building, Miami, Florida 33131 (herein- after referred to as "DBL") and the Trustees of The Miami City Employees Retirement System Pension Fund (hereinafter referred to as the "Client") on the following terms: 1. This Agreement shall take effect on the execution hereof, shall continue for the term of one year from the date hereof and shall thereafter be ex- tended for an additional one year term on each anniversary date hereof. This Agreement may be cancelled at the end of the initial one year period by either party upon thirty (30) days written notice. 2. All DBL services used by the Client will be governed by the terms of this Agreement, including the applic- able service detailed in the Specifications presented on March 3, 1977 and Bid on April 22, 1977. (Schedule attached to and hereby made a part of the Agreement.) Should DBL offer services not covered by said Specifi- cations and should the Client wish to use such services, such additional services will be governed by this Agreement and by any additional Schedules and/or Supplements furnished by DBL to the Client which are applicable to such additional services. 3. The Client agrees to pay all fees incurred as appro- priate to the service or services described Specifi- cations and in the Schedule attached hereto provided by DBL to the Client at the Client's request. Fees are payable as services are provided and SME will provide at least quarterly statements to the Client reflecting the status of cumulative payments made to the date of the statement for the one year period. The Client shall, if requested in writing by the Client, have an additional period of ninety (90) calendar days after the expiration of the applicable one year period to make cash payment of the balance of the annual services charge and if such applicable annual fee payment is not satisfied in full, this Agreement shall automatically terminate at the end of such additional period. Accepted Drexel BY: The fees# terms and conditons contained in this Agreement and the Schedule to this Agreement ate subject to change by DBL upon one month's written notice. The Client may by written notice terminate this Agreement on the effective date of such change; otherwise the new charges and/or terms and conditions shall become effective. The Client is solely responsible for the accuracy and adequacy of the data it transmits for processing or storage and the output which it obtains. Reason- able precautions have been taken by DBL to prevent the loss, alteration or improper access of the Client's data but DBL cannot guarantee their integrity or security. The Client will be responsible for main- taining a procedure external to the DBL system for reconstruction of lost data and programs, to the extent the Client deems necessary, and for purposes of re- entry in the event of system malfunction. 6. Although every effort will be made to ensure accuracy, DBL shall have no obligations or liability to or through the Client with respect to the furnished services nor for any interruptions, delays, errors or omissions in the information included in the service or in the transmission of such information. 7. Upon the termination of this Agreement, DBL will dispose of the Client's information and data still in the system in any manner it deems appropriate unless the Client, prior to such termination, furnishes to DBL written instructions. 8. All notices from either party to the other shall be sent by registered or certified mail to the address as specified above unless written notice shall be given of any change. 9. This Agreement shall be construed in accordance with the law of the State of Florida. i wham 1 �n,Vice President ;� 77 Agreed To: Trustees of Miami City Employees Retirement System Pension Fund Trust Identification No. $CHEDuLE tl, bid for the Financial Services to be rehdeted, ih cohforMity With the specifications presented in otir proposal dated Match 3, 1977 as follows: Performance Measurement Services $ 9,000.00 Portfolio Audit Service* 3,500,00 $12,500,00 *Including 500 activities, per annum, Each additional activity shall be $1,50 per transaction. The above fee is quoted in HARD DOLLARS and is based on your Custodian Bank preparing the data in -put forms. This proposal includes, preparation of a historic analysis of performance for the following three managers since the inception of their contract. Bankers Trust Montag & Caldwell Supervised Investor Services (Kemper) The Client has the option, in lieu of cash, of paying for these services by directing to Drexel Burnham Lambert, Inc. a portion of the brokerage business incurred in the normal activity of your fund. The ratio of directed commission business is on a TWO -TO - ONE BASIS, FULLY NEGOTIATED/BEST EXECUTION BASIS. For the purpose of this form of payment, "Underwriting Credits" on fixed income investments, will also be acceptable. If you accept the above method of payment, the fee will be as follows: Performance Measurement Service Portfolio Audit Service* $18,000.00 7,000.00 $25,000.00 *Including 500 activities per annum. Each additional activity shall be $3.00 per transaction. The above fee is quoted in COMMISSION DOLLARS (FULLY NEGOTIATED/ BEST EXECUTION BASIS) and is based on your Custodian Bank pre- paring the data in -put forms. Prepayment for services rendered is permissable for a one year period and a 90 day grace period will be allowed, to cover any year-end short -fall. RFC:eb 7-20=77 01111111110111111111•11111111E REgoLUTION NO. A RESOLUTION AUTHORIZING AND DIRECTING THE CITY MANAGER TO EMPLOY THE FIRM "SECURITIES AND MANAGEMENT EVALUATION" AS FINANCIAL ADVISORS TO THE RETIREMENT BOARD OF THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM TO PROVIDE SERVICES IN CONNECTION WITH THE MEASUREMENT OF INVESTMENT PERFORMANCE AND WITH THE AUDIT OF THE PORTFOLIO OF THE SAID SYSTEM WITH FUNDS THEREFOR PAYABLE FROM THE SAID SYSTEM TRUST FUND. BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI LORIDA: Section 1. The employment of the firm "Securities and Management Evaluation" as financial advisors to the Retirement Board of the Miami City Employees' Retirement System to provide services in connection with the measurement of investment performance and with the audit of the portfolio of the said System with funds therefor payable from the said System 's Trust Fund is hereby approved. Section 2. The expenses incurred by the Retirement Board for the aforesaid services shall be paid pursuant to the applicable ordinance out of the Miami City Employees' Retirement System Trust Fund. PASSED AND ADOPTED this ATTEST: C:=�= 02, CITY CLERK PREPARED AND APPROVED BY: /e,/ ROBERT F ." CLARK ASSISTANT CITY ATTORNEY day of APPROVED; AS TO FORM AND CORRECTNESS: GEORGE F. RNOX, JR. CITY ATTQ NEY , 1977.