Item - 2020.TA8.7
Tracking Status
- This item was considered by Board of Directors of the Toronto Atmospheric Fund on July 27, 2020 and was adopted with amendments.
TA8.7 - Request for Investment and Hiring of a Second Fixed Income Manager
- Decision Type:
- ACTION
- Status:
- Amended
Confidential Attachment - Financial information supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Board Decision
The Board of Directors of the Toronto Atmospheric Fund:
1. Approved the investment, as set out in Confidential Attachment 1 to the report (July 15, 2020) from the Chief Executive Officer.
2. Requested that, via the City Manager's Office, the City of Toronto’s Chief Financial Officer and Treasurer hire the Fixed Income Manager identified in Confidential Attachment 1 to the report (July 15, 2020) from the Chief Executive Officer on Toronto Atmospheric Fund (TAF)’s behalf, subject to negotiation of the details of the agreements and in coordination with TAF staff and TAF’s Investment Advisor, HUB/Proteus Performance Management Inc.
3. Authorized the public release of Confidential Attachment 1 to the report (July 15, 2020) from the Chief Executive Officer following the closing of the transaction.
Origin
Summary
The Investment Committee is recommending hiring a second Fixed Income manager. The proposed investment is a credit-driven product and will complement the current Fixed Income TD Asset Management mandate and diversify Toronto Atmospheric Fund’s Fixed Income portfolio.
Background Information
https://www.toronto.ca/legdocs/mmis/2020/ta/bgrd/backgroundfile-151674.pdf
Confidential Attachment 1 - Fixed Income Manager Summary
Motions
That the Board amend Recommendation 2 by adding the words "via the City Manager's Office" so that it reads as follows:
2. Request that, via the City Manager's Office, the City of Toronto’s Chief Financial Officer and Treasurer hire the Fixed Income Manager identified in Confidential Attachment 1 on Toronto Atmospheric Fund (TAF)’s behalf, subject to negotiation of the details of the agreements and in coordination with TAF staff and TAF’s Investment Advisor, HUB/Proteus Performance Management Inc.