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• <br /> D. Negotiated Fees <br /> E. Firm Insurance. <br /> F. Contributions and distributions can be accommodated without materiallyaffecting <br /> g <br /> performance. <br /> G. Ability to comply with Minnesota Statutes Chapter 118A. <br /> XI.TERMINATION OF EXTERNAL INVESTMENT MANAGERS FOR THE INTERMEDIATE TERM <br /> PORTFOLIO <br /> A. Investment managers will be reviewed forpossible replacement on an ongoing basis. <br /> g P g g <br /> Reasons for replacement may include,but are not limited to,the following: <br /> • <br /> 1. Failure to outperform the designated benchmark on a risk adjusted basis, after <br /> fees, over the investment Time Horizon or a market cycle. <br /> 2. Significant under-performance relative to the designated Performance Benchmark <br /> over a two-to three-year period or a market cycle. <br /> 3. Change in firm ownership or loss of key personnel. <br /> 4. A real or perceived change in investment style or discipline. <br /> 5. A violation of the standards and guidelines in this IPS or the Manager Guidelines. <br /> 17 <br />