HomeMy WebLinkAboutHandouts_Pension Public Safety_05/03/2010 L AGE OF TEQUESTA
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March 5, 2010
Mr. Tony Brown
Rockwood Capital Advisors
721 Emerson Road Suite 565
t Louis, Ma6 141
RE: Village of Tequesta Public Safety Offi m' Pension Plan
Dear Mr. Brown:
On behalf of the Village of Tequesta Public Safety Officer? Pension Board
of Trustees ("the Board"), 1 wanted to notify you of the Pension Board's
concerns with the balanced portfolio m ::ed by Rockwood ood Cap tal
("Rockwood") on their 0 a alf. At the February 1, 2010 Pension Board
meeting, the relative uride mmance of the Rockwood 0 was
discussed at 1 I and the B • .. # approved a motion to place R. + ' ood
Capital Advisors on formal notice i . : they were on probation.
At this point no action is required by Rockwood, but please consider this
notification as an indication of concern Pension : # , # .
On behalf of the Pension Bo we do appreciate your v ice.
Sincerely,
/
1
Chairman
.
Village of Tequesta Public Safety Officers' Pension Platt
Cc: Dan Johnson, Investment Consul t
Bonn' Jensen, Counsel
Re4,..34, leJ Pam
March 9. 2010
Mr. Ed Sabin
Chairman
Village of Tequesta Public Safety Officers' Pension Plan
Village of Tequesta
Post Office Box 3273
Tequesta, Florida 33469 -0273
Re: Letter Dated March 5, 2010
Dear Mr. Sabin:
We hereby acknowledge receipt of your letter dated March 5, 2010, advising Rockwood
Capital Advisors of the Board's decision to place Rockwood Capital on probation. We
take our responsibility as your investment manager very seriously and regret that our
recent performance has not measured up to our own high standards. We want you and the
Board to know that we are working diligently to improve the investment results of your
fund and restore your trust in us..
As I outlined in my presentation to the board on February 1, 2010, all of the positive
equity investment results achieved prior to March 8 2009 was completely wiped out by
the worst financial debacle since the "Great Depression." We appreciate the tremendous
challenge of meeting the plan's financial obligations given widespread revenue shortfalls.
Despite the recent performance results, we believe in our process. Given time, we feel
that your patience will be rewarded.
We value our relationship with the Village of Tequesta Public Safety Officers' Pension
Plan and look forward to presenting the plan with future performance results that will
satisfy you, the Board and all the plan participants.
Respectfully,
Anthony (Tony) Brown
Senior Partner
Cc: Dan Johnson, Bogdahn Group — via email
Bonni Jensen, Counsel — via email