The board also discussed the acquisition of the investment firm Anko by Mariner Wealth, which is expected to expand resources and support for growth, potentially doubling assets under management from 90 billion to an estimated 200 billion. This acquisition is seen as a cultural fit and does not entail a direct competition with Anko’s business. The board’s negotiated fees under a four-year agreement are expected to remain unchanged, with the possibility of securing better manager fees post-acquisition.

In addition to the redemption from ASB and the acquisition of Anko, the pension board covered a range of topics during the meeting. The performance of the pension fund’s investments was reviewed, with the S&P 500 seeing a nearly 12% increase and mid and small-cap stocks increasing around 13 to 14%. Bonds also reported a notable quarter, with the index achieving almost a 7% increase. However, the real estate sector’s separate segment continued to underperform.

The meeting included a discussion on potential reinvestment strategies following the redemption from ASB, considering liquid real estate as an interim option. It was reiterated that no changes to the investment policy statement (IPS) weights were advised, and that the board would have ample time to discuss and plan for the eventual redeployment of funds into real estate or a new manager.

Furthermore, the board tackled procedural matters, such as the requirement for board members to file financial disclosure forms directly via a new state portal. A change in the reporting method was noted, where disclosures must now be reported on a dollar basis rather than a percentage basis.

Legislative updates were also provided, with no new bills filed that would impact the board’s plans. However, the board was informed about the recent adoption of a cancer presumption ordinance, which added a presumption for 21 different forms of cancer for firefighters.

Additionally, a line of duty disability application from a police officer was addressed. The procedure was clarified as a formal acceptance of the application to ensure it was part of the official record, without making a decision on eligibility or granting the claim. Further steps include gathering medical records and an independent medical examiner’s report before a hearing is convened for a determination on the application.

Lastly, the meeting touched on the cost implications and procedures for potential pension benefit changes, such as implementing a cost-of-living adjustment (COLA) or extending the Deferred Retirement Option Plan (DROP) period. Pension benefits were noted as a mandatory subject of bargaining, requiring agreement through collective bargaining between the union and the city.