Board votes to withdraw $500,000 from Kayne Anderson fund
Danvers Retirement Board withdrew $500,000 from its Kayne Anderson fund, citing year-over-year underperformance. Investment advisor Rafik Ghazarian of Segal Marco recommended the systematic drawdown to gradually reduce exposure. In a 3-2 vote, the board terminated its special legal counsel
Retirement Board · Meeting of May 27, 2026
Danvers Retirement Board withdrew $500,000 from its Kayne Anderson fund, citing year-over-year underperformance. Investment advisor Rafik Ghazarian of Segal Marco recommended the systematic drawdown to gradually reduce exposure. In a 3-2 vote, the board terminated its special legal counsel contract; Chair Joseph L.
Collins, Rodney Conley, and Heather Russo voted yes; Vincent Malgeri and Michael Hagan voted no. The board unanimously approved a request-for-proposal process for new counsel. Separately, the board approved five new members, acknowledged three retiree deaths, and formally approved two retirements: Police Sergeant Richard Barthlemess (effective July 11) and Administrative Assistant Rafaella Saggesse (effective June 1).
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Source: the Retirement Board meeting of May 27, 2026, compiled from the official minutes.
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