Police & Fire Retirement Board

SPECIAL MEETING MINUTES OF THE STERLING HEIGHTS POLICE AND FIRE RETIREMENT SYSTEM, ACT 345 MARCH 1, 2012 FIRE DEPARTMENT CONFERENCE ROOM 41625 RYAN ROAD STERLING HEIGHTS, MI 48313 1. The special meeting of the Police and Fire Retirement System was called to order by President Solak at 3:02 p.m. 2. Board Members present: Solak, Wellhausen, Nash, Varney. Absent: Padovini. Also present: Tim Brice, representing Merrill Lynch Private Client Group; Lindsey Vaughan and Brandon Bond representing TCW; Eric Maronak and Lisa Rosenthal representing Victory Capital Management; Barry Peters and Kenneth Hudson representing Winslow Capital; and Nancy Duyck, Pension Technician. 3. APPROVAL OF AGENDA Motion by Wellhausen, supported by Nash, to approve the special agenda as presented. Ayes: All. The motion carried. 4. CITIZEN PARTICIPATION There was no citizen participation. 5. BENEFITS & PLAN ADMINISTRATION a. Interview large cap growth equity candidates - discussion Mr. Brice gave a recap of the firms attending this meeting. 5. BENEFITS & PLAN ADMINISTRATION a. Interview fixed income candidates – discussion – cont. 1. TCW Investments Lindsey Vaughan and Brandon Bond represented TCW at this meeting. They presented a detailed report regarding their fixed income investment philosophy and style. They reviewed the written report in detail and also responded to individual Board Members’ questions. 2. Victory Capital Management Eric Maronak and Lisa Rosenthal represented Victory Capital at this meeting. They presented a detailed report regarding their equity investment philosophy and style. They reviewed the written report in detail and also responded to individual Board Members’ questions. 3. Winslow Capital Barry Peters and Kenneth Hudson represented Winslow Capital at this meeting. They presented a detailed report regarding their equity investment philosophy and style. They reviewed the written report in detail and also responded to individual Board Members’ questions. Mr. Brice gave a brief recap of the three presentations. After discussion the following motion was considered: To terminate Atalanta and hire Winslow Capital, pending contract negotiations. Motion by Solak, supported by Nash. Ayes: Solak, Nash, Wellhausen, Varney. Absent: Padovini. The motion carried. 6. ADJOURNMENT Motion by Nash, supported by Wellhausen, to adjourn at 5:53 p.m. Ayes: Nash, Wellhausen, Solak, Varney. Absent: Padovini. The motion carried; the meeting is hereby adjourned. Mark Wellhausen Secretary