Mary Byrne
A majority of Belmont Contributory Retirement Board’s assets can be transferred “almost immediately” to the state’s Pension Retirement Investment Management (PRIM) Board.
As of Jan. 31, 2024, the board had $153.4 million in liquid assets, most of which can be transferred on May 1, according to Scott Driscoll, an investment consultant with NEPC. One portfolio, Great Lakes Advisories, will be available for transfer in June.
As of March 12, the retirement board already held $69 million, about 42 ½ percent of its total assets, in PRIM. The discussion on Monday focused on the remainder.
The board also holds $9.3 million in “illiquid” assets, stocks, bonds, or other assets that can’t be quickly converted into cash.
Those assets will not be moved to PRIM.
The decision to change its investment strategy and move all liquid assets to PRIM came before a vote earlier this month to re-elect longtime member Thomas Gibson.
“My goal when I joined this board was to bring a fresh perspective to the process,” said member Brian Antonellis, preceding the vote earlier this month. “Over the time here, I’ve seen the need to implement best practices … I think the action of the board today going to PRIM has been one step closer to that.”
According to Anthony Teberio of M&T Bank, there will be costs associated with transitioning assets managed by Atlanta Capital Management, but they will be a couple of hundred dollars —”nothing you wouldn’t see from them trading over a six-month period.”
Executive Director Ryan Horan explained that Atlanta is a separately managed account. The custodian charges a fee per trade, and selling each individual stock is a trade.
Letters are expected to be issued to investment firms, notifying them of termination.
