CSAC Bulletin Article

CalTRUST Announces New Leadership & Operations Teams

April 27, 2017

The Investment Trust of California (CalTRUST), a program of the CSAC Finance Corporation, held their Annual Meeting on April 19, 2017.  At this meeting, the Board of Trustees considered a number of important issues including the appointment of a new President of the Board.  The Board elected Dan McAllister, San Diego County Treasurer-Tax Collector, as the new President of CalTRUST.  

One of the major focuses of this year’s CalTRUST Annual Meeting was the consideration of partners to provide custody, investment management, and fund accounting services.  In February of this year, CalTRUST issued Requests for Proposals (RFPs) for their custody, investment management, and fund accounting Services. CalTRUST received multiple responses to each RFP and a thorough review process of all proposals was conducted by the CalTRUST Product Review Committee.  

During the Annual Meeting, the CalTRUST Board of Trustees took action to select providers for each of the services that were put to bid. The CalTRUST Board of Trustees voted to select U.S. Bank to provide custody services, BlackRock to provide investment management services, and NorthStar Financial Services Group, LLC to provide fund accounting services. These selections are all pending final contract review and approval.  We understand that these are all critical functions of CalTRUST and want to ensure participants that they will all be transitioned in a thoughtful manner over the course of the summer. 

The CSAC Finance Corporation remains the CalTRUST administrator. More information will be provided to participants shortly on these changes and the implementation timelines.  In the meantime, if you have any questions, please do not hesitate to contact Laura Labanieh at 916.650.8186 or laura@caltrust.org. 

The CalTRUST funds provide a safe and convenient means for local agencies to diversify their investment portfolios. The CalTRUST Government Money Market Fund (MMF), rated “AAAm” and “Aaa-mf” by S&P and Moody’s, respectively, offers same-day liquidity and a stable $1.00 share price. The CalTRUST Heritage MMF, also rated “AAAm” and “Aaa-mf”, also provides same-day liquidity. The CalTRUST Short-Term Fund, rated “Aaf/S1+” by S&P offers next-day liquidity and has produced net returns in excess of LAIF since its inception over 12 years ago. Finally, for those funds with a longer investment horizon – 2-3 years or more – the CalTRUST Medium-Term Fund, rated “A+/S1″ by S&P, can provide an appreciable increase in monthly income, while maintaining weekly liquidity.  The CalTRUST program currently has $2.85 billion in assets and over 140 active public agency participants. 

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