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Asset Management Committee: May 22, 2014

Chairman Kevin Lockett presided at the regularly scheduled teleconference meeting on May 22, 2014. The following are reports received and actions taken:

  • Oversight and compliance reports, including performance and watch-listed manager reports were presented to the committee. The Endowment Pool return for the current quarter (ended March 31, 2014) was reported to be 2.34% and 13.46% fiscal year-to-date. For the 10 year period, the pool has an annualized return of 7.22%. The Expendable Funds Pool return was 1.66% for the quarter and 6.29% fiscal year-to-date.
  • The chairman reported back to the committee that three firms were contacted to submit requests for proposals to complete an asset allocation study. Mercer was chosen and will present its findings in the September meeting. Cambridge Associates has been retained for another year as the general investment consultant.
  • There was discussion on a comprehensive reserves strategy for the KSU Foundation. Any motions were tabled until the June meeting so all members could have more time to review the proposed strategy.
  • The committee approved the FY15 investment department budget. The budget included new risk analysis software and a new junior investment analyst position.