Summary
PICA adopted Resolution No. 2019-10, approving the appointment of U.S. Bank National Association as the new investment advisor, manager, and custodian for its Swap Reserve Fund. The Swap Reserve Fund, valued at approximately $14 million, was previously managed by Morgan Stanley. After evaluating its investment management needs, PICA determined that transitioning to U.S. Bank would better serve its financial interests. The Executive Director was authorized to negotiate and execute necessary agreements with U.S. Bank to ensure a smooth transition. The resolution also ratifies prior actions taken to facilitate this change. The resolution takes effect immediately.