Viewing page 59 of 272

This transcription has been completed. Contact us with corrections.

- 43 -

[[underlined]]Authorization to Contract with Fiduciary Trust Co.[[/underlined]]

At the May 5, 1978, meeting of the Board of Regents, a resolution was approved adopting the recommendation of the Investment Policy Committee that services of the investment management firms of T. Rowe Price and Thorndike, Doran, Paine & Lewis be terminated and that Batterymarch, BEA, and Torray & Clark replace them. At that time, the Investment Policy Committee recommended the retention of Davis, Palmer & Biggs, noting that this firm had merged with Fiduciary Trust Co. and that, therefore, the Institution's account would technically be with Fiduciary. The Treasurer has received a request from Fiduciary Trust for a formal resolution of the Board of Regents approving maintenance of an account with them, citing various SEC and banking requirements for such a resolution. Accordingly, the following resolution was approved:

[[underlined]]VOTED[[/underlined]] That the Board of Regents accepts the recommendation of the Investment Policy Committee and authorizes the Secretary to contract with Fiduciary Trust Co. to act as investment manager for the Institution pursuant to the investment guidelines approved by the Board of Regents.