By STEVEN T. DENNIS
INVESCO Capital Management Inc., the company that arranged for three top county officials to attend the exclusive Masters golf championship, will continue to manage the county's $22 million pension fund until a new contract is awarded, County Purchasing Agent Karen Luther said Tuesday.
Luther said she hoped to have a new contract awarded at the Aug. 26 meeting of the Washington County Commissioners.
Luther said it is not uncommon for contractors to provide services after the contract has ended. She said she didn't know if INVESCO would receive a pro-rated portion of their management fee, which is slightly more than one half of a percent of assets per year charged on a quarterly basis.
Luther said the bids that the county received for the new contract have been opened by a committee that will make a recommendation to the commissioners.