PERAC Memo #4 - 2003: Investment Manager List
Investment Manager List
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This memo provides the updated (quarterly) PERAC list of investment managers pre-approved for exemption under 840 CMR 19.01 in international equity, international fixed income, real estate, and alternative investments; only open funds/managers remain on the list. Boards with an existing exemption for an asset class may hire listed managers without a new exemption application, but must still submit a competitive process letter, Vendor Certification Form, and Disclosure Form and receive PERAC acknowledgement before transferring funds; boards may also seek exemptions for managers not on the list, and no exemption is needed at all for domestic equity/fixed income hires (only the three documents are required).
Full Text
Memorandum # 4/2003
M E M O R A N D U M TO: All Retirement Boards FROM: Robert A. Dennis, Investment Director RE: Investment Manager List
DATE: January 15, 2003
In accordance with 840 CMR 19.01, the following is the updated list of investment managers who have been approved for exemption in the asset classes of international equity, international fixed income, real estate, and alternative investments. The list consists of investment managers who have been the subject of approved applications for exemption on or before the effective date of the new investment regulations (7/10/98) and managers who have been approved after that date. The list includes only managers or funds that remain open to new investors; managers/funds that are closed will either not appear on this list or will be deleted upon closure.
The significance of this list is that, for retirement boards that have been previously granted an exemption for the particular asset class, they need not apply for an exemption in order to retain managers on this list. In hiring managers on this list, boards are still required to submit to PERAC a 1) a competitive process letter, 2) Vendor Certification Form, and 3) Disclosure Form in accordance with 840 CMR 17.04 8(a) and (b) and to receive acknowledgement from PERAC prior to transfer of funds. Retirement boards are also free to consider managers not on this list and to request exemptions for such managers.
Please note that, in accordance with 840 CMR 19.02 (5), exemptions are not required for the hiring of managers in the asset classes of domestic equity and fixed income. Only the submission of the three documents noted above is required. Accordingly, this list does not include managers in these asset classes.
Please note that the list of managers who have been subject to an exemption (waiver) is a separate and distinct list from the listing of Investment Managers, Consultants, and Custodians.
PERAC will update this list on a quarterly basis and will make this list available on the PERAC Home Page. If you ha ve any questions, please call Rose Cipriani at 617-666-4446 ext. 931.