City of Clearwater - File #: ID#17-4042

• File #: ID#17-4042
• Version: 1
• Name: Terminate Money Manager
• Type: Action Item
• Status: Passed
• File created: 10/27/2017
• In control: Pension Trustees
• On agenda: 11/13/2017
• Final action: 11/13/2017
• Title: Approve the termination of small cap value equity money manager Systematic Financial Management and authorize the appropriate officials to execute same.

Date	Ver.	Action By	Action	Result
11/13/2017	1	Pension Trustees

SUBJECT/RECOMMENDATION:

Title

Approve the termination of small cap value equity money manager Systematic Financial Management and authorize the appropriate officials to execute same.

Body

SUMMARY: 

Systematic was hired as a small cap value equity manager for the plan in July 2003. As of June 30, 2017, the market value of the plan’s investment in Systematic’s small cap value equity product totaled $12.34 million, or 1.28% of the total investment portfolio. Systematic’s performance has steadily declined in recent years, as detailed below. The Pension Investment Committee unanimously recommends termination at this time.

                                                                                                                              Percentile

As of 6/30/2017                      Systematic                      Ranking   Benchmark

Last 3 years                                                3.21%                          99^th                                 7.02%

Last 5 years                                                12.22%                          95^th            13.38%

Staff will be bringing a separate agenda item forward for replacement of Systematic in the small cap value equity investment category.