Review of Goldman Sachs Investment Management Services
February 19, 2010
COMMITTEE ON SCHOOL FINANCE/PERMANENT SCHOOL FUND: DISCUSSION
STATE BOARD OF EDUCATION: NO ACTION
SUMMARY: This item provides an opportunity for the committee to review the investment management services provided by Goldman Sachs Asset Management. Goldman Sachs is currently on the Permanent School Fund watch list.
BOARD RESPONSE: Based on the information presented, the committee may direct staff as appropriate.
PREVIOUS BOARD ACTION: None.
FUTURE ACTION EXPECTED: None.
BACKGROUND INFORMATION AND SIGNIFICANT ISSUES: Goldman Sachs was selected in January 2008 to provide investment management services for the absolute return fund of funds asset class for the Permanent School Fund. Representatives of Goldman Sachs made a presentation to the committee at its July 2009 meeting on the portfolio managed for the Permanent School Fund.
FISCAL IMPACT: The income of the Permanent School Fund is projected to be $60.7 million during fiscal year 2010.
PROCEDURAL AND REPORTING IMPLICATIONS: Not applicable.
PUBLIC COMMENTS: None.
ALTERNATIVES: None.
OTHER COMMENTS AND RELATED ISSUES: None.
Respectfully submitted,
Robert Scott
Commissioner of Education
Staff Member Responsible:
Holland Timmins, Executive Administrator
and Chief Investment Officer of the
Texas Permanent School Fund