HomeMy WebLinkAbout952684.tiff February 2, 1995
Weld County Retirement Plan
915 Tenth Street
Room 350
Greeley, CO 80630
IJUSA Mutual Fund
jpvestment Management Agreement
Morgan Grenfell Capital Management Inc. ("Morgan Grenfell") understands that the Weld
County Retirement Plan (the "Plan"), wishes to appoint Morgan Grenfell as the investment
manager, as defined in the Employee Retirement Security Act of 1974 ("ERISA"), of a portion
of the securities portfolio (the "Account") pursuant to this Agreement by directing Bank One
Greeley N.A. as. Trustee of the plan to purchase, hold and sell share of the Morgan Grenfell
Fixed Income Fund portfolio of Morgan Grenfell Inner Circle Advisors such portfolio being
referred to herein as the "Morgan Grenfell Mutual Fund."
1. Appointment as Investment Manager. The Plan represents and warrants that Morgan
Grenfell has been duly appointed as investment manager under the instruments governing
the Plan pursuant to the documentation thereof furnished to Morgan Grenfell. Morgan
Grenfell represents and warrants that it is registered with the Securities and Exchange
Commission under the Investment Advisers Act of 1940 (the "Advisers Act") and hereby
accepts such appointment and acknowledges that its specific responsibilities hereunder
are limited to those of an investment manager, as specified in the Agreement, and that
as such it is a "fiduciary", as defined in ERISA, with respect to the Plan. Morgan
Grenfell understands that it is not responsible for the management of assets other than
those of the Morgan Grenfell Mutual Fund.
2. Investment Objectives and Restrictions. Morgan Grenfell understands that the investment
objectives for the Account and any investment restrictions will be contained in the
Morgan Grenfell Mutual Fund prospectus furnished from time to time.
3. Custody. The Morgan Grenfell Mutual Fund's Custodian is responsible for the custody
of the shares of the Morgan Grenfell Mutual Fund and the collection of dividends and
other distributions on the shares of the Morgan Grenfell Mutual Fund.
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Weld County Board of Retirement
February 2, 1995
Page 2
4. Appraisal: Fee Morgan Grenfell will furnish the Plan and Bank One Greeley N.A. an
appraisal of the Account specifying the shares of the Morgan Grenfell Mutual Fund and
the market value thereof as of the end of each month. Morgan Grenfell will not receive
any separate fee for its services under this Agreement, it being understood that Morgan
Grenfell receives investment advisory fees from Morgan Grenfell Investment Trust with
respect to the assets of the Account invested in the Morgan Grenfell Mutual Fund.
5. Status as Mutual Funds Morgan Grenfell represents and warrants that during the term
of this Agreement, the Morgan Grenfell Mutual Fund shall be an "investment company
registered under the Investment Company Act of 1940" within the meaning of section
401 (b)(1) of ERISA.
6. Representations and Warranties. Each party may rely upon the representations,
warranties, and acknowledgements made by the other hereunder until receipt of contrary
written notice.
7. Amendments. This Agreement (including any amendment to Section 4 hereof relating
to investment management fees) may be amended only by a written instrument executed
by the Plan and Morgan Grenfell.
8. Termination. This Agreement may be terminated by either party at any time by 30 days
written notice to the others or by the redemption of all shares of the Morgan Grenfell
Mutual Fund.
9. Assignments. No assignment (as defined in the Advisers Act) of this Agreement will be
made by Morgan Grenfell without the consent of the Plan.
10. notice. Any notice under this Agreement shall be delivered or mailed to the addresses
set forth in this Agreement or such other address as either party may specify in writing
to the other, and such notice shall become effective only upon receipt.
11. Governing Law. This Agreement shall be governed by the laws of the State of New
York, except to the extent such laws are superseded by ERISA.
12. Headings. Headings in this Agreement are for the purposes of reference only and shall
not limit or otherwise affect the meaning thereof.
Weld County Board of Retirement
February 2, 1995
Page 3
13. Standard of Care. Neither Morgan Grenfell nor our officers, directors or employees,
shall be liable for losses incurred by reason of any advice given or other action taken or
not taken provided that such advice or other action taken or not taken is not due to
Morgan Grenfell's and/or its officers', directors' or employees' negligence, and further
provided that Morgan Grenfell shall not be relieved of any liability imposed by the
federal securities laws.
14. ADV Delivery. The undersigned acknowledges receipt from Morgan Grenfell (48 hours
prior to entering into this agreement) of Part II of its Form ADV as currently on file with
the Securities and Exchange Commission ("SEC"), delivered to the undersigned in
compliance with SEC regulations.
If this Agreement is acceptable to the Weld County Board of Retirement, please execute and
return the enclosed copy.
Very truly yours,
MORGAN GRENFELL CAPITAL MANAGEMENT, INC.
By: .sS
The foregoing Agreement is hereby approved
and accepted
TIM WELD OUNTY RETIREMENT BOARD
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