Utah Money Management Council 350 N STATE STREET, SUITE 180 PO BOX 142315 SALT LAKE CITY, UTAH 84114-2315 TEL: (801) 538-1883 FAX: (801) 538-1465
A G E N D A Money Management Council Thursday May 21, 2020 Teleconference Via Google Meets 3:00 p.m.
1. Approval of the minutes of the April 16, 2020 meeting
2. Review and accept monthly reports from: A) Division of Securities B) Department of Financial Institutions C) Deposit and Investment report update
3. Discuss question regarding the application for Certified Investment Advisers and the requirement for the CRD registration and respond if needed
4. Other Business as needed
5. Schedule next meeting and adjourn
**Note: All Council members will be attending by telephone.
Douglas L DeFries, Chair K. Wayne Cushing, Vice Chair Corrie Forsling Ted Elder Bank of Utah Salt Lake County Summit County Bountiful City 2605 Washington Blvd. 2001 South State Street N1-200 60 North Main Street 790 South 100 East Ogden, Utah 84401 Salt Lake City, Utah 84114 Coalville, Utah 84017 Bountiful, Utah 84075 Phone (801)-409-5175 Phone (385)-468-8305 Phone (435)-336-3267 Phone (801)-298-6093 [email protected] [email protected] [email protected] [email protected]
STATE MONEY MANAGEMENT COUNCIL-MINUTES THURSDAY APRIL 16, 2020
The regular meeting of the State Money Management Council was held via teleconference, at 3:00 p.m., Thursday April 16, 2020. In attendance via Google Meets were:
Wayne Cushing, Vice Chair Ted Elder Corrie Forsling Ann Pedroza, Staff Kirk Slaugh, Deputy State Treasurer Tom Bay, Department of Financial Institutions Michele Black, Securities Division Alison Garner, Asst. Attorney General
Visitors: Scott Burnett, Zions Capital Advisors Jason Williams, Moreton Asset Management
Minutes of March 19, 2020
The minutes of the March 19, 2020 meeting were approved unanimously.
Monthly Reports and Quarterly Reports
Securities Division: Ms. Black informed the Council that Brean Capital and all agents were deleted from Certified Dealers List. Those agents then were added to a new firm, Incapital LLC. She noted that there were no changes to the Certified Advisers List. Council reviewed the lists briefly.
Financial Institutions’ Report: Mr. Bay reviewed the March 31, 2020 month end public funds held report with the Council. He noted for the Council that two institutions are above 50% usage of their allotment. Cache Valley Bank is just barely over 50% and Education First Credit Union was up about 5% at 86% usage of their maximum uninsured funds allotment. Council discussed this report briefly.
Deposit and Investment Report Update: Ms. Pedroza reviewed the late Deposit and Investment reports for June and December 2018 and June and December 2019. She informed the Council that overall five new reports were filed with one entity being un-submitted as they had filed incorrectly. Council discussed the report briefly.
Acceptance of Reports: It was motioned and seconded, and all of the above reports were accepted unanimously.
1
Discuss and Vote on Request for an Extension on Broker and Adviser Renewals
Ms. Pedroza reviewed briefly the requests received by the Securities Division regarding extending the April 30 deadline for renewal applications. The requests are made in light of the quarantine and with everyone working at home getting the signatures and a notary for the affidavit was proving difficult. Ms. Garner reviewed her email response noting that in her review of the rules there are no provisions for extension of the due date for the applications. She noted that she had reviewed the criteria for the emergency rule making process, but to her it appears that this request does not meet the criteria. Council discussed the issues briefly and it was noted that it is possible to have a notary online, and Ms. Black noted that they will accept separate affidavits with single signatures. After further discussion, Ms. Black indicated she would send out an email to those that had not filed and let them know that multiple affidavits with single signatures would be accepted. As there was no action that needed to be taken, Council did not vote on the request.
Other Business
No other business related to the Money Management Act and Rules of the Council.
Schedule Next Meeting
The Council then scheduled the next regular meeting for May 21, 2020 at 3 p.m. With no other business before the Council, they adjourned at 3:25 p.m.
2
TO: Money Management Council FROM: Michele Black, Division of Securities RE: Additions to the Certified Dealer List DATE: May 21, 2020
The following agents and firms have been added to the existing list for conducting investment transactions with public treasures pursuant to rule 16 of the State Money Management Council:
RBC Capital Markets, LLC Agents: Paul Schulte
TO: Money Management Council FROM: Michele Black, Division of Securities RE: Current List Certified Dealer DATE: May 21, 2020
The following is the list of Certified Dealers and Agent(s) effective May 21, 2020:
Ameriprise Financial Services, Inc. Agents: Rex Baxter 60 East South Temple, Suite. 950 Salt Lake City, UT 84111 Alex Handcock 7730 S. Union Park Ave., Suite 300 Midvale, UT 84047 Darren Handley “ “ Todd Handley “ “ Ronald Mason 60 E. South Temple, Suite. 950 Salt Lake City, UT 84111 Daniel S. Nelsen “ “ Thomas Nielson 7730 S. Union Park Ave., Suite 300 Midvale, UT 84047 Bruce Wingrove “ “
Barclays Capital Inc. Agents: Peter Bjurstein 555 California Street, 30th Floor San Francisco, CA 94104
BMO Capital Markets Corp. Agents: William Pilsbury 1 Market Plaza, Spear Tower, Suite 1515 San Francisco, CA 94105 Brock Griffin “ “ Shawn Oxenham “ “
DA Davidson & Co. Agents: Marcus Nield 251 South 1350 West Farmington, UT 84025
Incapital LLC Agents: Dwight Canfield 200 S. Wacker Drive Suite 3700 Chicago, IL 60606 Vicki Meyer 1800 N. Military Trail, #400 Baca Raton, FL 33431 William H. Money 10445 South Wasatch Boulevard Sandy, UT 84092 Chad Nicholson 1100 Larkspur Landing Circle, Suite 101 Lakespur, CA 94939 Traci L. Salinas 7961 S. Royal Creek Cv. Cottonwood Height, UT 84093 Joseph D. Wieske 48 W. Broadway #303N Salt Lake City, UT 84101
LPL Financial LLC Agents: Craig P. Adams 5929 South Fashion Pointe Drive, Suite 204 Ogden, UT 84403
Moreton Capital Markets, LLC Agents: Benjamin Byington 101 South 200 East, Suite 300 Salt Lake City, UT 84111 Larry Lundberg “ “ Ryan Stoker “ “
Raymond James & Associates, Inc. Agents: Deborah A. Balestrieri 880 Carillon Parkway St. Petersburg, FL 33716 Randy Church 2750 East Cottonwood Parkway, Suite 520 Salt Lake City, UT 84121 Amy Iannella 4643 S. Ulster Street, Suite 1350 Denver, CO 80237 Mark McKinnon 2750 East Cottonwood Parkway, Suite 520 Salt Lake City, UT 84121
RBC Capital Markets, LLC Agents: Eric Ajlouny 1331 North California Boulevard, Suite 650 Walnut Creek, CA 94596 Scott Chappell 299 S. Main Street Suite 2000 Salt Lake City, UT 84111-2280
RBC Capital Markets, LLC cont. Agents: Susan Haas 805 SW Broadway Suite 1800 Portland, OR 97205 John Hallgren 299 South Main Street, Suite 2000 Salt Lake City, UT 84111 Tom Meagher 805 SW Broadway, Suite 1800 Portland, OR 97205 John Menefee 1133 NW Wall Street Building 2 Bend, OR 97703-1987 Brent Peterson 805 SW Broadway, Suite 1800 Portland, OR 97205 Michael Roskopf 777 South Figueroa Street, Suite 850 Los Angeles, CA 90017 Paul Schulte 1331 North California Boulevard Suite 650 Walnut Creek, CA 94596 Sam Vetas 299 South Main Street, Suite 2000 Salt Lake City, UT 84111-2280
Robert W. Baird & Co. Incorporated Agents: Cathleen Gillies 210 University Boulevard Suite 210 Denver, CO 80206 Zachary Harris 4017 Hillsboro Pike Suite 403 Nashville, TN 37215 Wesley M. Sullivan “ “ Scott C. Ulbrich 222 South Main Street Suite, 1840 Salt Lake City, UT 84101
Stifel, Nicolaus & Company, Incorporated Agents: Stephen Strong 15 West South Temple Suite 1090 Salt Lake City, UT 84101 Susan Gardner 4801 Main St., Ste 530 Kansas City, MO 64112
UBS Financial Services Inc. Agents: Barry B. Bowen 299 South Main, Suite 2100 Salt Lake City, UT 84111 John Doke 100 Cresent Court, Suite 600 Dallas, TX 75201 Michael Meyers 299 South Main, Suite 2100 Salt Lake City, UT 84111
Wells Fargo Securities LLC Agents: Scott Andrews 550 South Tryon Street 4th Floor Charlotte, NC 28202 William Burton 999 3rd Avenue 11th Floor Seattle, WA 98104 Jonathan Cancilla 100 West Washington Street 17th Floor Phoenix, AZ 85003 Doug Chin 999 3rd Avenue 11th Floor Seattle, WA 98104 Michael Deep 550 South Tryon Street 4th Floor Charlotte, NC 28202 Thomas Degenaars 100 West Washington 17th Floor Phoenix, AZ 85003 Evan Faucher 550 South Tryon Street 4th Floor Charlotte, NC 28202 Thomas Hedges 100 West Washington Street, 17th Floor Phoenix, AZ 85003 Brandon Hodge 45 Fremont Street 34th Floor San Francisco, CA 94105 Andrew Paul 999 3rd Avenue 11th Floor Seattle, WA 98104 Daniel F. Quigley 550 South Tryon Street 4th Floor Charlotte, NC 28202 Mark Sagin 999 3rd Avenue Seattle, WA 98104 Jonathan Stutts 550 South Tryon Street 4th Floor Charlotte, NC 28202 Sarah Taylor 999 3rd Avenue Seattle, WA 98104 Tyler Tayrien 100 West Washington Street, 17th Floor Phoenix, AZ 85003
Zions Bank Capital Markets Agents: Jonathan Bacon One South Main Street, 17th Floor Salt Lake City, UT 84133 Blake Bihm 1717 West Loop South Houston, TX 77027 Jacqueline Davies One South Main Street, 17th Floor Salt Lake City, UT 84133 Neil Decker “ “ Kamron Jensen “ “ Karen Keeley “ “ Brad Mayeda “ “
Zions Bank Capital Markets cont. Agents: Malivanh Mahee 1717 West Loop South Houston, TX 77027 Wanda Pounders “ “ Daniel Ricks One South Main Street, 17th Floor Salt Lake City, UT 84133 Ty Roberts “ “ Kathy Sullivan “ “ Teresa Yancey “ “
Zions Direct, Inc. Agents: Jonathan Bacon One South Main Street, 17th Floor Salt Lake City, UT 84133 Jacqueline Davies “ “ Neil Decker “ “ Kamron Jensen “ “ Karen Keeley “ “ Brad Mayeda “ “ Daniel Ricks “ “ Ty Roberts “ “ Kathy Sullivan “ “ Entity Name Entity Record Type Deposit & Investment Report Name Axtell Community Special Service District Local and Special Service District D&I June 2018 Cache County Drainage District 5 Local and Special Service District D&I June 2018 Grouse Creek Cemetery District Local and Special Service District D&I June 2018 Box Elder County Service Area 2 Local and Special Service District D&I June 2018 Alpine Conservation District Conservation District D&I June 2018 Timp/Nebo Conservation District Conservation District D&I June 2018 Pole Canyon Basic Local District Local and Special Service District D&I June 2018 Daggett Water District Local and Special Service District D&I June 2018 Millard County Drainage District 4 Local and Special Service District D&I June 2018 Total-9
Entity Name Entity Record Type Deposit & Investment Report Name Status: Not Submitted (3 records)
Eden Park Service District Local and Special Service District D&I December 2018 Summit Special Service District Local and Special Service District D&I December 2018 Tooele County Recreation Spec. Serv. District Local and Special Service District D&I December 2018
Totals (3 records)
Entity Name Entity Record Type Deposit & Investment Report Name Status: Not Submitted (10 records)
Fremont River Conservation District Conservation District D&I June 2019 North Sanpete Ambulance Service Interlocal D&I June 2019 Vista at Entrada School of Performing Arts and Charter School D&I June 2019 Technology Traverse Ridge Special Service District Local and Special Service District D&I June 2019 Hatch Cemetery Maintenance District Local and Special Service District D&I June 2019 Bluff Service Area Local and Special Service District D&I June 2019 Sanpete County Conservation District Conservation District D&I June 2019 Cannonville Town Town D&I June 2019 Ogden Valley Transmission/Recreation SSD Local and Special Service District D&I June 2019 Hansel Valley Watershed District Local and Special Service District D&I June 2019 Totals (10 records)
Entity Name Entity Record Type Deposit & Investment Report Name Status: Not Submitted (27 records)
Oakley City City D&I December 2019 Richfield City City D&I December 2019 East Carbon City City D&I December 2019 Logan Schools Foundation Component D&I December 2019 San Rafael Conservation District Conservation District D&I December 2019 Price River Conservation District Conservation District D&I December 2019 Northern Utah Conservation District Conservation District D&I December 2019 Weber County Conservation District Conservation District D&I December 2019 Canyonlands Conservation District Conservation District D&I December 2019 East Juab Water Conservancy District Local and Special Service District D&I December 2019 Millard County Drainage District 2 Local and Special Service District D&I December 2019 Eastland Special Service District Local and Special Service District D&I December 2019 Grand County Rec SS District Local and Special Service District D&I December 2019 Hinckley-Deseret Cemetery Maint. District Local and Special Service District D&I December 2019 Twin Oaks Local District Local and Special Service District D&I December 2019 North Utah County Wtr Conservancy Dist Local and Special Service District D&I December 2019 Heber Valley Special Service District Local and Special Service District D&I December 2019 Kane County Rec and Trans SSD Local and Special Service District D&I December 2019 Wilson Arch Water & Sewer SS Dist Local and Special Service District D&I December 2019 Woodruff Cemetery Maintenance District Local and Special Service District D&I December 2019 East Duchesne Culinary Wtr Improve Dist Local and Special Service District D&I December 2019 Beaver Dam Village Special Service District Local and Special Service District D&I December 2019 Tintic School District School District D&I December 2019 Athlos Academy of Utah Charter School D&I December 2019 St. George Academy Charter School D&I December 2019 Scofield Town Town D&I December 2019 Alton Town Town D&I December 2019 Totals (27 records)
Total-49 5/21/2020 State of Utah Mail - Utah Money Management Act and qualified Certified Dealer or Certified Investment Advisor process.
Ann Pedroza
Utah Money Management Act and qualified Certified Dealer or Certified Investment Advisor process. 1 message
[email protected]
Hello Ann,
I found your name and contact information on the Money Manager Act website today.
My name is Russ Shaw, and I am the Philanthropic Specialist for Wells Fargo supporting my colleagues in Utah.
The Salt Lake Community College Foundation (SLCCF) is currently requesting proposals to manage their investment accounts. A different division of Wells Fargo currently manages the portfolio but they have asked our Investment and Fiduciary Services (IFS) team to respond to the RFP on behalf of the firm. IFS is not a broker dealer platform. We offer discretionary fiduciary investment management services under the oversight of the Office of the Comptroller of the Currency (OCC), and not the SEC. Our investment managers hold CFA charters, and follow strict adherence to Utah’s UPMIFA guidelines. As SLCCF is seeking a firm to provide Outsourced Chief Investment Officer services, our fiduciary investment platform meets that expectation.
Within the Evaluation section of the Foundation’s RFP document is a reference to the Money Management Act, and the need for the selected advisor to be familiar with it.
As we looked deeper into the information on your site, we noted lists for Certified Dealers, Qualified Depositories and Certified Investment Advisors. Although Wells Fargo is represented on each of those lists, the investment managers from the IFS team are not.
Consequently, I few questions:
· Is it a state requirement that the individual investment manager appear on either the Certified Dealers or Certified Investment Advisors list in order to be eligible to serve if selected through the RFP process?
· If so, is it conceivable that we could enter the application process for whichever list is most appropriate, and have a decision on our application in advance of June 1st? That June 1st date coincides with the Foundation’s anticipated date to begin first level interviews with the participating firms.
· Is there anything else we should be aware of that would preclude us from being eligible, or help us earn eligibility quickly?
If it would be easier and faster to address this matter on a phone call, especially since we may both be working remotely, I can be reached at 303.475.9607.
Thanks so much, Ann, for your any guidance you can provide.
Best, https://mail.google.com/mail/u/0?ik=13be0e4241&view=pt&search=all&permthid=thread-f%3A1665523944248695290%7Cmsg-f%3A1665523944248… 1/2 5/21/2020 State of Utah Mail - Utah Money Management Act and qualified Certified Dealer or Certified Investment Advisor process.
Russ Shaw, CAP®
Vice President
Philanthropic Specialist
Wells Fargo Private Bank | Philanthropic Services
1700 Lincoln Street, 48th Fl. MAC C7300-11M | Denver, CO 80203
Tel: 720.947.6828 | Cell: 303.475.9607
Email: [email protected]
Listen Now! Tips for Making a Greater Impact With Your Philanthropy
If your matter is urgent and you are unable to reach me, please contact the Philanthropic Services Sales Strategy Team at 855.435.4108
Wells Fargo Wealth Management provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries.
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https://mail.google.com/mail/u/0?ik=13be0e4241&view=pt&search=all&permthid=thread-f%3A1665523944248695290%7Cmsg-f%3A1665523944248… 2/2 5/21/2020 State of Utah Mail - Re: Update on CRD question
Ann Pedroza
Re: Update on CRD question 1 message
Michele Black
Ann, below are some thoughts from the Division's staff attorney and Compliance Director. This is what was stated:
Ken Baron - Compliance Director - My initial thoughts (which may be wrong)? I see separate issues: 1st- Wells Fargo IFS business unit as a depository institution is excluded from the definition of an investment adviser. It sounds like WF IFS can provide the services SLCCF is looking for them to provide.
Chip Lyons - Staff Attorney - Agrees. If there was no MMA the inquiry would end there.
Ken - 2nd - The MMA issue.. Q1. Can Wells Fargo IFS be a qualifying institution able to participate under MMA? If yes, but they have not applied then they need to get approved by the MMC.
Chip - IFS is not a broker dealer or investment adviser so cannot be certified as a certified dealer or certified investment adviser under the MMA.
Ken - If not and Wells Fargo wants the SLCCF account, they need to work through the MMA qualifying entity.
Ken - Q2 - If Wells Fargo Registered Investment Adviser business unit is a certified investment adviser under MMA and they want to use this approval bid for the SLCCF work, then I think the assets need to be managed by the Wells Fargo Registered Investment Adviser.
Ken- If those individuals want to work on the SLCCF account then they need to be investment adviser representatives of Wells Fargo Registered Investment Adviser.
Chip also mentioned since there is an upcoming deadline to submit bids, Wells Fargo could reach out to licensing to seek waivers from the exam requirements for the individuals who are already acting in a fiduciary advisory capacity under the oversight of OCC.
The Division can't give Wells Fargo business advice on whether it should submit a bid while the above issues are unresolved but we can only explain the process and the options available.
Regards, Michele Black Utah Division of Securities 160 E. 300 S. 2nd Fl. SLC UT 84111 801 530-6158 phone 801 530-6980 fax [email protected] email
On Wed, May 20, 2020 at 11:06 AM Michele Black
On Wed, May 20, 2020 at 11:04 AM Ann Pedroza