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HomeMy WebLinkAbout2009 06 16 Agreement For Investment Performance Monitoring and Advisory Services (2)AGREEMENT FOR INVESTMENT PERFORMANCE MONITORING AND ADVISORY SERVICES IS AGREEMENT entered into this _ day of July, 2009, between BOGDAHN CONSULTING, LLC. hereinafter called "Monitor"), and THE BOARD OF TRUSTEES OF THE CITY OF WINTER SPRINGS PENSION PLAN (hereinafter called "client"). WITNESSETH: WHEREAS, Monitor is in the business of providing investment performance monitoring and advisory services; and WHEREAS, Client is vested with the authority and responsibility for the investment and administration of the assets of the WINTER SPRINGS PENSION PLAN (hereinafter referred to as the "Plan") and; WHEREAS, Client desires Monitor to provide investment performance monitoring and advisory services with respect to the Plan; NOW, THEREFORE, in consideration of the premises and mutual promises herein contained, the parties agree as follows: A. SERVICES OF MONITOR Monitor shall provide the following services to Client as shown below: 1. Investment Policy/Guidelines Development. 2. Investment Policy/Guidelines Review. 3. Asset Allocation Consulting. 4. Measurement by Objective/Performance Analysis with quarterly written reports and oral presentations at a Board meeting on a quarterly basis. 5. Monitor and report on investment manager's compliance with the plan documents and investment policy on a quarterly basis. 6. Perform manager search if necessary, as may be requested. 7. Style and Attribution Analysis 8. Custodial Review and Actuarial Review 9. Overall cost study 10. Trade Execution Review B. RESPONSIBILITIES OF CLIENT Client agrees to provide or cause its accountants, trustees, investment managers and legal advisors to provide information regarding income, investment performance, and other pertinent matters relating to the Plan as requested by Monitor from time to time. Client, through its authorized representative, also agrees to communicate the Plan's needs and goals to Monitor and to keep Monitor informed of changes in Client's situation, needs and goals. Monitor shall not be required to verify any information obtained from Client, Client's or Plan's accountants, actuaries, trustees, investment managers and legal advisors and is expressly authorized to rely thereon. C. CONFIDENTIALITY All information and advice furnished by either party to the other, including their agents and employees, shall be treated as confidential and not disclosed to third parties except as agreed upon in writing or required by law. Monitor is herein given absolute authority by Client to disclose, provide copies of, and communicate information obtained from Client or developed by Monitor to Client's investment manager and Client's attorney. D. BASIS OF ADVICE Client acknowledges that Monitor obtains information from a wide variety of publicly available sources and certain private sources. The advice provided by Monitor to Client is based upon its analysis of such information. E. REPRESENTATIONS OF MONITOR Monitor hereby represents that: 1. Monitor is not the Client's investment manager nor is Monitor in any way compensated by nor does Monitor have any affiliation with any Plan investment manager; and 2. Monitor will make all calculations according to the Bank Administration Institute method of calculating time weighted rates of return. F. FEES TO MONITOR In consideration of the services rendered by Monitor, the Client shall pay an all- inclusive annual fee, billed quarterly in arrears, of $ 18,000.00. Services includes: • Quarterly Peer Group Universe performance report for all asset classes • Investment Policy Statement development, review and maintenance • Asset Allocation Consulting /Modeling • Investment Style analysis • Investment Manager Searches • Economic Overviews • Educational Seminars • Performance Reconciliation • Customized reports /presentations • Alternative investment seminars • Additional investment manager performance monitoring • Quarterly oral reports • Feasibility Analysis /Fee audits • Transactional Costs Analysis All fees are guaranteed for two years G. MISCELLANEOUS 1. This Agreement shall be applicable only to the services individually prepared for Client. It shall not relate to any advice given by any person or persons not specifically designated by Monitor in writing to perform such services. By execution of this agreement, the Monitor acknowledges that it is a fiduciary of the Plan within the meaning of the Employee Retirement Income Security Act of 1974 ("ERISA") and Section 112.656, Florida Statues. 2. Neither party hereto may assign, convey, or otherwise transfer any of its rights, obligations, or interest herein without the prior express written consent of the other party. 3. This Agreement represents the complete agreement of the parties with regard to the subject matter and supersedes any prior understanding or agreement, oral or written. 4. This Agreement may be amended or revised only by an instrument in writing signed by Client and Monitor. 5. Client acknowledges receipt of Monitor's ADV. 6. The validity of this agreement and any of its terms, provisions, rights and duties of the parties hereunder, shall be governed by the laws of the State of Florida. 7. This Agreement may be executed in several counterparts, each of which shall be deemed an original. 8. This Agreement shall become effective upon execution. 9. Any action under this agreement shall be brought in Seminole County, Florida. H. TERMINATION Client shall have the right to terminate this Agreement at any time upon written notice to Monitor. Monitor may terminate this Agreement at any time on ninety (90) days written notice and charges, if any, for services completed will be prorated based on the total fees as set forth in Paragraph F. I. PUBLIC ENTITY CRIMES BILL. Section 287.133, Florida Statutes, provides that a person or affiliate who has been placed on the convicted vendor list following a conviction for a public entity crime may not submit a bid on a contract to provide any goods or services to a public entity, may not submit a bid on a contract with a public entity for the construction or repair of a public building or public work, may not submit bids on leases of real property to a public entity, may not be awarded or perform work as a contractor, supplier, subcontractor, or consultant under a contract with any public entity, and may not transact business with any public entity in excess of the threshold amount provided in Section 287.017, Florida Statutes, for CATEGORY TWO for a period of 36 months from the date of being placed on the convicted vendor list. The Monitor represents that neither it, nor any of it's agents, have been placed on the convicted offenders list at any time. IN WITNESS WHEREOF, the Client has signed duplicates hereof, and monitor had caused its corporate name to be signed to said duplicates by its proper officers thereunder duly authorized on the day and in the year first above written. BOGDAHN CONSULTING, LLC. BOARD OF TRUSTEES OF THE WINTER SPRINGS PENSION PLAN By: By: