CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Waive the applicable provisions of the Naperville Procurement Code and approve the award of a 15-month extension to Contract 16-266, Fixed Income Money Management Services, to PFM Asset Management, LLC and Loop Capital Asset Management - TCH LLC (formerly Taplin, Canida & Habacht, LLC) for an amount not to exceed $289,000 (requires six positive votes)
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
On August 8, 2022, the Financial Advisory Board approved a recommendation to waive the Naperville Procurement Code and award a 15-month contract extension to PFM Asset Management, LLC and Loop Capital Asset Management - TCH LLC.
BACKGROUND:
The City of Naperville maintains a portfolio of cash and fixed income investments totaling $220.4 million (as of June 30, 2022). Operating funds are held in cash and funds for which the City has no immediate need, i.e. reserve funds, are invested according to the City's Investment & Cash Management Policy. Because staff does not possess the specialized knowledge or resources to oversee these investments, the City utilizes the services of two professional money management firms. The City also utilizes the services of an investment advisor to monitor and report on the activities and performance of the two money managers.
The City's investment portfolio includes monies pooled and invested across multiple funds. Investment practices and procedures must comply with Illinois law and the City's Investment & Cash Management Policy. Historically, the City retains two firms to manage the City's investment portfolio due to the amount of money the City invests and differing investment philosophies between investment firms.
In September 2016, the City Council approved the award of RFP 16-266 to PFM Asset Management, LLC (PFM) and Taplin, Canida & Habacht, LLC (now Loop Capital) for a three-year term from October 1, 2016, through ...
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