|
Lexington Home Page
|
Help
|
About
|
Browse
Search
2009-05-29-RB-min
Breadcrumb Navigation:
TownOfLexington-Public
>
WEB PUBLISHED-PUBLIC DOCUMENTS
>
MINUTES-REPORTS-COMMITTEES ARCHIVE
>
Retirement Board-RB
>
Minutes
>
2000-2009
>
2009
>
2009-05-29-RB-min
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/19/2019 1:45:48 PM
Creation date
11/7/2013 2:08:11 PM
Metadata
Fields
Template:
Archives
Keywords or Subject
Minutes - RB - Retirement Board
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
4
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
MINUTES OF THE MAY 29, 2009 RETIREMENT MEETING <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Michael McNabb, Rob Addelson, <br />Marguerite Oliva <br />Bob Cunha called the meeting to order at 8:00. <br />The Board accepted and signed the 052909 warrant and the May payroll. <br />The Board noted 2 new members: Heidi Seiger, SPED Financial Operations Manager; <br />Aura Nocivelli, Instructional Assistant <br />John Haggerty and LouAnn Eisenhut from Meketa attended the meeting along with <br />representatives Joe Gill and Craig Bergstrom from Corbin Capital Partners for hedge fund <br />manager interview. <br />Corbin is a private partnership established in 1984 with 35 professionals headquartered in <br />New York. Senior managers are equity owners. The product name is Pinehurst Partners. <br />Managers are: <br />• Bottom up investors with high conviction ideas <br />• Return oriented managers <br />Flexible and opportunistic managers <br />o Substantial co- investment by the risk - takers in fund <br />® Investing in funds with acceptable liquidity profile <br />The investment process includes operational due diligence test, risk management test and <br />manager research conviction test. <br />The Pinehurst Fund has mostly institutional investors with less then 10% of high private <br />investors. The retirement board asked that a list of investors be forwarded to the board. <br />Mr. Gill and Mr. Bergstrom left the meeting at 9:00. The report is on file in the <br />retirement office. <br />John Haggerty presented Meketa's review of Corbin Capital. John first commented on <br />hedge fund investing noting that "despite additional fees, fund of funds offer many <br />advantages, including 1) diversification, 2) portfolio construction, 3) due diligence and 4) <br />liquidity." <br />In December 2008, the retirement board voted to conduct a hedge fund of funds manager <br />search. Meketa issued an RFP and 23 firms responded. Meketa reduced the number to <br />four finalists based on those they felt would fit within the system's current portfolio, on- <br />
The URL can be used to link to this page
Your browser does not support the video tag.