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The memorandum from Prabhu Palani, CIO, to the Mayor and City Council discusses the Investment Manager Fee Presentation for the calendar year 2024. It aims to provide transparency regarding fees and expenses related to investment managers and operational costs. The recommendation includes acceptance of the Federated Annual Fee Report 2024 and the Police and Fire Annual Fee Report 2024. The reports detail management and incentive fees, fund operating expenses, and other investment-related costs for both pension plans, highlighting year-over-year comparisons and compliance with California Government Code §7514.7.
Key points
The memorandum is from Prabhu Palani, CIO, to the Mayor and City Council.
It discusses the Investment Manager Fee Presentation for calendar year 2024.
The goal is to provide transparency regarding fees and expenses related to investment managers.
The recommendation includes acceptance of two annual fee reports: Federated Annual Fee Report 2024 and Police and Fire Annual Fee Report 2024.
The reports include details on management and incentive fees, fund operating expenses, and other investment-related costs.
Year-over-year comparisons are provided for both pension plans.
The reports comply with California Government Code §7514.7.
Limitations
The text includes placeholders and unfilled sections that affect the completeness of the summary.
Some tables and detailed data are truncated and not fully included in the extracted text.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 26,971 chars
COUNCIL AGENDA: FILE: ITEM: Memorandum CITYOF � SANJOSE CAPITAL OF SILICON VALLEY FROM: Prabhu Palani, CIO TO: HONORABLE MAYOR IAND CITY COUNCIL SUBJECT: Investment Manager Fee Presentation (2024 Calendar Year) Approved 12/02/2025 25-1256 3.4 DATE: November 12, 2025 Date EXECUTIVE SUMMARY The Investment Fee Report presentation offers a comprehensive review of the investment manager related fees for calendar year 2024. The goal of the presentation and annual fee reports is to provide transparency and insights into both the fees and expenses paid to these managers as well as the operational costs of managing the investment program for the calendar year 2024. RECOMMENDATION Acceptance of the following documents: 1) Federated Annual Fee Report 2024 2) Police and Fire Annual Fee Report 2024 � Prabhu Palani Chieflnvestment Officer Office of Retirement Services For questions, please contact Prabhu Palani, Chieflnvestment Officer (CIO) at prabhu.palani@sanjoseca.gov or (408) 794-1000. Attachment 1 - Federated Annual Fee Report 2024 Federated City Employees’ Retirement System Annual Fee Report - 2024 1 Executive Summary This report is the tenth annual Fee Report for the Federated City...
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Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
The document presents a comprehensive fee analysis for retirement plans, focusing on investment fees and their impact on net returns. It outlines the investment policy statement, the understanding of investment fee analysis, total expense ratios, management fee trends, and estimated fee savings for 2024. The analysis includes various fee types, their descriptions, and a glossary of terms related to investment strategies. Additionally, it provides asset allocation targets and considerations for expected returns.
Key points
The Plan aims to align interests when negotiating fees and monitor investment costs annually.
Investment fee analysis has been reported annually since 2015, including unobserved fees.
The total expense ratio is calculated as total expenses divided by average plan assets.
Estimated fee savings of $16.7 million were generated in 2024 from various asset classes.
The document includes a glossary of terms related to investment strategies and fees.
Limitations
The document contains unresolved placeholders and blank fields that affect the completeness of the summary.
The document appears to be a draft, as indicated by the presence of incomplete sections.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 7,476 chars
1 Investment Program RETIREMENT PLANS’ COMPREHENSIVE FEE ANALYSIS Office of Retirement Services December 2, 2025 2 Investment Policy Statement on Investment Fees “The Plan will seek alignment of interests when negotiating fees while pursuing the best net of fees performance results. Investment costs shall be monitored, controlled, and whenever possible negotiated to ensure cost effectiveness. The Board shall give consideration to the impact of administrative expenses, external management fees and performance fees when establishing the asset mix policy of the Plan. The Board will be provided reports on investment costs of the Plan at least annually.” 3 Understanding Investment Fee Analysis • Complex topic • Declining return expectations Increased focus • Net returns = Gross returns – Management fees – Incentive fees – Operating Expenses • A function of asset allocation and asset class structuring • Higher complexity = higher fees • ORS comprehensive annual fee reporting started in 2015 • Includes embedded or unobserved fees/expenses (e.g., fees not reported on statements) • Few public plans have comprehensive fee reporting (CalSTRS, OCERS) • No public-sector standard...