City treasurer praises decision to replace full-time employee responsible for city's $500 million portfolio
Chandler Asset Management, Inc., of San Diego was unanimously approved by the Oceanside City Council Wednesday as the first outside firm to manage Oceanside’s roughly $500 million investment portfolio.
The city’s previous treasury manager, Steve Hodges, resigned Nov. 1, and recruiting efforts to fill the position were unsuccessful. So the city staff researched other options and recommended outsourcing the job to an external investment manager.The city’s part-time elected treasurer, Victor Roy, attended his first City Council meeting in months Wednesday, wearing a Santa hat and a red bow tie, and praised the decision to outsource.
External control will bring a better range and flexibility for the city’s investments, with more safety and liquidity, he said. “We aren’t giving up any of the access that we currently have or that we’ve had in the past,” Moya said.
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