Travis County Commissioners Court
February 10, 2009, 2009
Item 9
Since we have you there the other item that we need you owe, right below that one, number 9.
9.
consider and take appropriate action on broker/dealer applicants for conducting investment business with Travis County.
>> yes, sir.
i'm mary may, the investment manager for Travis County.
this is required by state law that we do an annual review of broker dealers.
we have done so.
and we are recommending five primary dealers, two of them are not currently on you on list.
deutch bank, alex brown and merrill lynch.
merrill lynch of course has served us in the past well.
but they were not on last year, this year they have been very gracious in agreeing to -- to change their letter so that we could make use of them.
however, I need to point out bank of america is in the process of purchasing merrill lynch.
when that becomes final, then it wouldn't be fair to the other brokers to use both names because they really would be the same company.
so as soon as that becomes final, merrill lynch will be dropped from the list and I'm -- I must say our primary brokers, we -- we have encountered a number of difficulties with them this year because of the financial situation that I know that y'all are all aware of.
but we -- we are pleased that we will go forward with some.
we are also recommending adding one to our regionals and that would be robinson humphrey.
they have served us in the past.
it's been a while.
if you approve this, Travis County will be using three primary brokers located in Texas and four are secondary brokers in Travis County and four more in Texas.
i recommend that you approve the list.
>> move approval.
>> second.
>> motion and second to approve, discussion?
all in favor?
show Commissioners Eckhardt, Gomez, Huber, yours truly voting in favor.
>> judge, I abstain because I have a son who is part of one of these broker dealers, so I abstain and make sure that the clerk gets a copy of -- of the disclosure for this extension.
>> okay.
Commissioner Davis abstaining.
>> thank you.
>> thank you.
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Last Modified:
Tuesday, February 10, 2009 2:00 PM