HomeMy WebLinkAboutMinutes - 2016.02.04 - 33010OAKLAND COUNTY EMPLOYEES'
RETIREMENT AND DEFERRED COMPENSATION BOARD
INVESTMENT SUB-COMMITTEE MINUTES
The Oakland County Employees' Retirement and Deferred Compensation Board Investment Sub-
Committee meeting was held February 4, 2016 at 1:30 p.m. in the Royal Oak Conference Room,
Executive Office Building.
Members Present: Joseph Rozell Laurie VanPelt
Andy Meisner
Members Absent: James H. VanLeuven Jr, with notice
Others Present: Judy Fandale, Human Resources
Megan Navarre, Human Resources
Curtis Childs, Sheriffs
Jeffrey Phelps, Fiscal Services
Lauri Siskind, Trustee
Keith Lerminiaux, Corporation Counsel
Natalie Neph, Treasurers
John Krakowiak, NEPC
Jim Ruther, NEPC
Guy Watanabe, GW Capital (by phone)
Jennifer Ottosen, GW Capital (by phone)
Scott Mullet, GW Capital (by phone)
1. Meeting was open for public comment. No one spoke.
2. Discussion ensued regarding the dissolution of small cap value fund manager GW Capital. Moved
by VanPelt, seconded by Meisner to move assets from GW Capital small cap value fund to the Lee
Munder small cap value fund. Motion carried.
a. VanPelt requested a copy of the outlook analysis from GW Capital for the remaining
holdings.
b. VanPelt requested the minutes from the GW Capital committee meeting where it was decided to
sell the investments H&E Equipment, Tidewater Inc. and Tutor Perini Corp .
3. Moved by VanPelt, seconded by Meisner to authorize NEPC to conduct a small cap value fund
search and make a recommendation at the March 29th Investment subcommittee meeting. Motion
carried.
4. Moved by Meisner, seconded by VanPelt to authorize Keith Lerminiaux, Counsel to the Board to
request that outside counsel, the Miller Law firm and Barrack, Rodos and Bacine law firm review
the GW Capital contract and recent transactions for litigation to recover lost funds. Motion carried.
5. Moved by Meisner, seconded by VanPelt to adjourn the meeting at 2:25 p.m.
Respectfully submitted,
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Joseph Rozell, Trustee Judy D. Fandale, Secretary