CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Approve the award of RFP 23-159, Fixed Income Money Management Services, to Mesirow Financial Investment Management, Inc., and PFM Asset Management LLC, for an amount not to exceed $795,000 and for a five-year term
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DEPARTMENT: Finance Department
SUBMITTED BY: Rachel Mayer, Finance Director
BOARD/COMMISSION REVIEW:
The Financial Advisory Board monitors the City's fixed-income investments and provides valuable recommendations to staff on the matter. The Board has been involved in discussions on the RFP process since late 2022. Two of its members participated in the interview phase of this RFP, and on October 30, 2023, the board supported this recommendation.
BACKGROUND:
In July 2023, the Finance Department issued RFP 23-159, Fixed Income Money Management Services, to contract with a vendor(s) capable of managing the City's portfolio of fixed-income investments.
Since 2016, the City has retained the services of two fixed-income money management firms to oversee the investment of the City's reserve funds in accordance with the City's investment policy and applicable state statutes. As of September 30, 2023, the combined value of the two portfolios was $181.3 million. These funds are commonly referred to as reserve funds, for which the City has no immediate need to spend. They are allocated across some 39 budgetary funds, including governmental operating funds, enterprise funds, and various special funds.
DISCUSSION:
Advertisement Date:
July 28, 2023
Notices Sent:
232
Opening Date:
August 24, 2023
Planholders:
53
Proposals Received:
15
Proposals were received from the following vendors:
Allspring Global Investments
Federated Hermes
First Midwest Bank
Fort Washington Investment Advisors
Galliard Capital Management
Garcia, Hamiliton & Associates
Great Lakes Advisors
Income Research and Management
Loop Capital Asset Management
Mesirow Financial Investment Management
Metlife ...
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