Specific responsibilities of the selected investment manager will include: a. Invest assets in accordance with objectives, goals, and standards of performance, as defined in the Investment Policy Summary, see Attachment F. b. Exercise full discretionary authority as to all buy, hold, and sell decisions for each security under management, subject to the guidelines as defined in the investment policy. c. Initially and as needed, prepare a written statement acknowledging acceptance of the performance standards as defined in the Investment Policy. d. Prepare a written statement describing, in brief form, what specific investment program will be undertaken to achieve the goals and objectives set forth in the investment policy. e. The Investment Manager is expected to provide monthly: • Portfolio composition showing asset structure for each major class of security; • Positions, by individual security, showing both cost and market value (except co-mingled assets, show the unit position and unit value); • All income cash transactions, including sources and nature of all interest and dividends in sufficient, descriptive detail. f. Quarterly, all investment asset managers will meet on-site at the college, the agenda of which will include, but not be restricted to: • A review and re-appraisal of the investment program; • A commentary on investment results in light of the appropriate performance standards as stated in the investment policy; • An annual audited financial report; • A synopsis of the key investment decisions made by the manager, its underlying rationale, and how these decisions could impact on future investment results; • Recommendations as to changes in the objectives, goals or standards of the investment policy based upon any material and sustained changes in the capital market; • Notice of material changes in the managers outlook, policy and tactics; • Notice of material changes in the manager’s ownership organization structure, financial condition, senior staffing and management. • Notice of any regulatory action or finding against the firm in the past three (3) years. Is there any pending SRO action against your firm?
