Business & Tech
CTMA Investing $1.2 Million with Penn Liberty
In an impromptu meeting scheduled last week, the board voted unanimously to participate in a five-year investment program through Penn Liberty.
Collegeville and Trappe Municipal Authority met this past Tuesday night for a final review of a presentation previously given by Mark Lezanic, financial advisor with Merrill Lynch, and Dominic Catrambone, private client director at Penn Liberty.
The Municipal Authority has $1.2 million that it will be seeking to invest wisely in a plan developed by Lezanic and Catrambone.
The portfolio’s approach is a five-year laddered schedule that will place the principal into the interest-collecting safety of municipal and federal government bonds.
Find out what's happening in Perkiomen Valleyfor free with the latest updates from Patch.
The board’s unanimous decision, initiated by Treasurer and Collegeville Borough Council President Arnold Mann, was not a hastily made choice. The board reviewed the proposal thoroughly and conducted meetings throughout a couple of weeks. The majority of the board's initial concerns about advisor fees was satisfied with an agreement of a .25 percent management fee, with all other fees waived.
When asked about working with the CTMA, Catrambone had this to say, “My experience with Collegeville–Trappe Municipal Authority was very pleasant. I enjoyed the process of developing a strategic investment plan and presenting that plan to the township.”