By a unanimous vote, the MPLT board decided in favor of choosing money manager SEIX that handles high yield fixed income assets.
The board turned over the $1 million check to its investment consultant Morgan Stanley Smith Barney vice president Daniel Roland on Friday for immediate placement in the market.
During the trustees deliberation on Friday, they went for money manager SEIX on account of its strong performance in the market, yielding 7 percent compared to Richmond Capital with a yield of 5 percent.
The board has been contemplating whether to move a portion of its assets with Richmond to SEIX because of better yields with lesser risk exposure.
Rather than keeping the $1 million deposited in the bank, trustee Pedro R. Deleon Guerrero said it would be prudent to have it invested with SEIX as recommended by trustee Pete Q. Cruz.
Based on the investment consultant report, as of Nov. 30, the MPLT had $4.02 million with SEIX.
Its strategic allocation was 5 percent; however, it was overweighted by 1.5 percent for the said period.
