Caption: Board of Trustees Minutes - 1994
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452 BOARD OF TRUSTEES [November 9 Authorization for Investment Manager — Short Term Funds (Lincoln Capital Management) (31) In response to concerns raised by the securities lending loss at The Common Fund for Intermediate Term Investments, the University terminated investments in this fund. The University also engaged the financial consulting firm Ennis, Knupp & Associates to review the risk controls and investment management of the short term investment program and to conduct a manager search to locate a manager or managers to replace The Common Fund. The search process evaluated a broad array of investment managers and recommended four managers that, in the consultant's opinion, best met the selection criteria and needs of the University. These four managers were interviewed by University personnel and further evaluated to produce a recommendation. The recommended investment manager is Lincoln Capital Management, Chicago. The firm has strong capabilities in the management of passive fixed income investments. In addition, the manager has a low fee schedule1 and is willing to tailor an index portfolio to meet the specific needs of the University. Accordingly, the vice president for business and finance requests authority to establish an investment account with Lincoln Capital Management for the purposes described and that the following resolution be adopted. I concur. Resolution Be It Resolved, that the Comptroller of the Board of Trustees of the University of Illinois is authorized to enter into agreements with Lincoln Capital Management to provide investment management services. Be It Further Resolved, that the Comptroller is authorized from time to time to designate in writing to Lincoln Capital Management those officers, employees, and other agents of the University of Illinois authorized to give written or verbal instructions on behalf of the University of Illinois. Be It Further Resolved, that each of the foregoing resolutions shall continue in force until written notice of its recision or modification has been received by Lincoln Capital Management. On motion of Mrs. Gravenhorst, the recommendation was approved and the foregoing resolution was adopted. (Mrs. Calder asked to be recorded as not voting on this item.) Comptroller's Financial Report, Quarter Ended September 30, 1995 (32) The comptroller presented his quarterly report as of September 30, 1995. A copy has been filed with the secretary of the board. This report was received for record. SECRETARY'S REPORT The secretary presented for record appointments to the faculty and changes of status made by the president, resignations, terminations, and emeriti appointments. A copy of the report is filed with the secretary. 1 T h e annual fee is 7.6/100 of 1 percent applied to the average daily funds invested based on cost value.
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