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File #: 19-0325    Version: 1
Type: New Business Status: Passed
File created: 7/18/2019 In control: City Council
On agenda: 8/6/2019 Final action: 8/6/2019
Title: Approval of Permanent Fund Investment with QMA Small Cap Core Equity Fund for $5.09MM.
Sponsors: City Council
Attachments: 1. QMA Fund Declaration, 2. QMA Offering Memorandum, 3. QMA Subscription Trust Agreement


Approval of Permanent Fund Investment with QMA Small Cap Core Equity Fund for $5.09MM.

SUBMITTED BY: Brian Carlson, Finance Director



Expenditure Required: $5,085,000

Unencumbered Balance: $5,085,000

Funding Source: 607.1004.10354, Permanent Fund; proceeds from RBC Small Cap liquidiation;





                     During the May 16th quarterly meeting the Permanent Fund Committee unanimously approved replacing an underperforming manager (RBC Small Cap) with a new manager, QMA Core Small Cap Core Equity Fund. 

                     Finance staff liquidated the RBC account in July, and proceeds total approximately $5.083MM.

                     Legal has reviewed the attached documents and has approved them as to form.

                     Upon approval, Finance staff anticipates funding this investment within five business days.

                     Attachments (3):

o                     QMA Fund Declaration - high-level summary of the fund management, characteristics, and risk profile

o                     QMA Offering Memorandum - full details of Fund Declaration summary.  Table of contents is on page 7.

o                     QMA Subscription Trust Agreement - the City’s application for investment in the commingled mutual fund