Crews to Manage Fayetteville's Money

by Arkansas Business Staff  on Monday, Oct. 23, 2006 12:00 am  

Remember the city of Fayetteville's money management contract that was up for bid?
After some delays from competitive jostling, Little Rock's Crews & Associates was chosen to manage $69 million of the city's money, mostly funds earmarked for improvements like a new water treatment facility.
Crew & Associates, a wholly owned subsidiary of First Security Bancorp of Searcy, was picked by a selection committee to manage the money through a process dating back to June, and all that remained was the council's vote to ratify or deny the recommendation.
That vote was held up by the objections of the previous contract holder's president and chief investment officer, Rebecca Garner of Garrison Asset Management of Fayetteville.
Garner claimed that Crews was not technically qualified to "manage" the money because no one at the firm is a registered investment adviser with the Securities & Exchange Commission.
Garner's objections slowed the decision and the city council asked Kit Williams, city attorney, and Paul Becker, finance director, to make their recommendations.
Williams reported no legal misgivings, and Becker found no financial reasons why the council should not ratify the recommendation.
The Fayetteville City Council voted 5-2 to approve the five-year contract worth about $70,000 per year for Crews.

 

 

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