City of Clearwater - File #: ID#17-3937

• File #: ID#17-3937
• Version: 1
• Name: Terminate money manager
• Type: Action Item
• Status: Passed
• File created: 10/2/2017
• In control: Pension Trustees
• On agenda: 10/16/2017
• Final action: 10/16/2017
• Title: Approve the termination of international emerging markets equity money manager Eaton Vance and authorize the appropriate officials to execute same.

Date	Ver.	Action By	Action	Result
10/16/2017	1	Pension Trustees

SUBJECT/RECOMMENDATION:

Title

Approve the termination of international emerging markets equity money manager Eaton Vance and authorize the appropriate officials to execute same.

Body

SUMMARY: 

Eaton Vance was hired as an international emerging markets equity manager for the plan in February 2008. As of June 30, 2017, the market value of the plan’s investment in Eaton Vance totaled $36.45 million, or 3.79% of the total investment portfolio. Eaton Vance’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                      Eaton Vance                      Ranking   Benchmark

Last 3 years                                               (1.16)%                          91^st                                1.44%

Last 5 years                                                3.25%                          95^th            4.33%

Staff will be bringing a separate agenda item forward for the replacement of Eaton Vance in the international emerging markets equity portfolio category.