David Wilhelm's Hopewell Ventures claiming it would reveal
We wonder if Dick Ingram, Executive Director of the Illinois Teachers Retirement System would entrust his personal investment portfolio to David Wilhelm, who must possess some very special trade secrets that results in continuous losses since TRS funds were entrusted to him in 2004.
Again, here is a recap of Wilhelm's acumen and management fees for $10 Million of TRS funds:
FY 2005 -25.80% Mgmt Fees $280,946
FY 2006 -61.40% Mgmt Fees $383,273
FY 2007 -27.00% Mgmt Fees $534,750
FY 2008 -17.90% Mgmt Fees $538,092
FY 2009 -66.20% Mgmt Fees $511,726
FY 2010 -27.60% Mgmt Fees $334,891
FY 2011 65.80% Mgmt Fees $325,379 Total Mgmt Fees $2,909,057
This is a 30% erosion of TRS funds without obtaining a respectable return on investment.
We urge Ingram to send out an email to all current and retired teachers with these numbers and ask for their response to the abuse of their pension monies.
On Aug. 15, 2011 this is the response we received from Dave Urbanek, Public Information Officer
"TRS does not have veto power over specific investments made by a private equity firm. That said, investments of TRS money by private equity firms are controlled by specific parameters agreed to by the System and each company. The partnership documents detail the types of investments that can be made and any constraints on the fund managers. The opportunity to manage risk comes during the vetting of a firm by our investment staff and consultants before money is allocated by the Board of Trustees, as well as during the negotiation of the partnership documents."
TRS is concealing the content of the partnership agreement and is breaching its fiduciary responsibility to safeguard teachers' assets entrusted to them.
We again urge TRS to terminate the contract with Wilhelm and then take all legal means to recover the corpus of the investment monies granted to him by a wired deal instigated by convicted felon, Stuart Levine.
We have filed an appeal with the Illinois Attorney General's Office to obtain these contracts and will post the results here upon receipt.