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INVESTMENT
COMMITTEE
MEETING
JULY
29,1999An
InvestmentCommittee
MeetingwasheldThursday,July29,1999atthe
Como
Restaurant,
2220
PineAvenue,NiagaraFalls,
New
York.
Time
:12:JOpm.Present
for
themeeting
were:
Mr.
MichaelQuarcini,
Mrs.
CherylCicero,
Mr
.
Edward
Carlo,
Mr.
MarkCongi,
Mr.
DominickDellaccio,
Mr
.
Angelo
Massaro,
Mr.
Frank
Mirabelli
and
Mr.
Don
Smith.
Also
present
forthe
meeting
were:
Mr.
Eugene
Salisbury;Attorney,
Mr.
Dan
Parisi;
Fund
Consultant
and
Mrs.
Jo.Anne
Govern;Administrator.
Mr.
Mirabelli
called
themeeting
toorder.
The
minutes
from
May
21,L999
and
July23,1999
were
bothtableduntilthenext
meeting.
TheBoard
discusseddroppingClover
Capital,leavingtenmillion
with
Manningand
Napier,also
dropping
HGK
and
Executive.
There
wasno
vote
taken.
Mr.
Parisi
presented
aproposedallocation
sheet
tothe
Board(copy
attached).
He
pointed
out
thetotalassetsas
of
June30,1999are
48,545,508
.10,also
neverover
100/0
in
specialtycategories.
Duringthediscussion
of
theallocationsheet,
Mr
.
Massaroasked
whywere
no
bondsgiven
to
Marine
Midland?
Mr.
Parisistatedtheyaremainlylargecapinvestors.
Mr
.
Parisibeganadiscussion
of
feeschedules.
It
wasstatedthatwith
Manning
and
Napier
thefeestructurechangesbelowtenmillion.
TheBoarddecided
toaddress
the
matter
if
it
comes
up.
TheBoarddiscussed
Harold
C.
Brownwithaccountsintwofunds(WelfareandPension).Abouttwoyearsagotheymadethefeeschedulethe
same
for
GOVERNMENT
EXHIBIT
GJ-2
 
Welfare
and
Pension.
Mr.
Salisbury
suggestedhave
them
manage
stocks
and
bonds,
split
outthefees.
The
fee
schedule
for
Freedom
Capitaland
NiagaraInvestmentAdvisors
is
very
similar
as
well
as
Keyand
Manning
and
Napier.
Wright
InvestorServicesandPhoenix
arebothgoodbondmanagers.
Mr.
Massaro
stated
that
Niagara
is
high
in
thefee
area
at
90
basispoints.
Mr.
Mirabelliasked
is
the
fee
schedule
the
best?
Mr.
Parisi
replied"yes".
It
was
suggested
thatwe
watch
extremely
close.
Wehavesolid
management
in
place.
Mr.
Parisifeelsthefee
schedules
are
not
as
important
as
the
managers.
He
feels
allthe
moneymanagers
willnegotiate
the
fees.
The
feesareas
they
werepresented
at
theinterview
meetings.
He
willgo
to
work
on
thefee
structures.
Mr.
Mirabelli
asked
if
the
Board
memberswant
to
go
throughthe
proposed
allocationmanager
by
manager.
Mr.
Quarcini
statedthat
he
feelswe
should
put
all
OLU"
monies
with
investment
managers
as
opposed
to
any
banking
institutions
because
of
the
factthat
theinvestment
firms
dealonly
in
investments.
It
wasdecided
that
we
accepttheproposedallocationprovided
that
in
six
monthswetake
a
look
see
how
each
is
doing
and
in
anothersixmonths
look
again
andtakethe
topfive
managers.
Mr.
Quarcini
statedthat
we'd
give
them
oneyear
to
prove
themselves.
Mr.
Parisi
stated
going
forward,each
managerwould
have
their
ownset
of
guidelines.
Mr.
Parisi
and
Mr.
Salisbury
will
re-write
the
investmentguidelines
for
each
manager.
Themanagersmustperform
uptothe
indexnumbers.
A
discussion
was
held
on
the
banking
institutions.
Mr.
Parisi
stated
thatthe
banks
have
no
trust
department
(Key).
The
trust
departments
at
one
time
were
giving
the
banks
a
bad
name.
They
now
havetheir
own
investment
departments.
Mr.
Quarcini
inquired
whether
we
arelooking
at
each
managerby
classification.
Me
Parisi
replied
"yes".
Mr.
Mirabellistated
intheorythe
of 00

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