TITLE
Recommendation to authorize City Manager to execute an Agreement with Chandler Asset Management to provide investment advisory and management services relating to the City’s pooled investment portfolio, in an amount not to exceed $300,000 annually, for a period of two years with options for three, one-year extensions, at the discretion of the City Manager; and
Revise the City of Long Beach Investment Policy for Calendar Year 2009 to comply with the new agreement with Chandler Asset Management. (Citywide)
DISCUSSION
The City aggregates all funds not immediately required for disbursement in a pool, which invests in various investment securities and vehicles. The City directly invests in securities permitted by the City's Investment Policy. In Fiscal Year 2004, the City Treasurer's Office engaged an external investment advisor to manage a segment of the investment portfolio for a period of one-year. The proposed Agreement with Chandler Asset Management reflects similar services and terms.
As recommended by the City's Investment Advisory Committee (Committee), which is comprised of the Assistant City Manager, Assistant City Attorney, Assistant City Auditor, Director of Financial Management/CFO, City Controller, City Treasurer, Revenue Officer, and financial representatives from the Harbor, Water and Community Development Departments, the City conducted a comprehensive Request for Proposal (RFP) for investment advisory services. The City sought participation by national and local firms. The RFP was accessed by 161 potential bidders, and was directly sent to an additional 12 financial advisory firms. Five proposals were received and four finalists (Bond Logistix, Chandler Asset Management, Highmark Capital, and MBIA) were invited to interview with the Investment Advisory Committee (Committee). Chandler Asset Management was selected from a field of national and local advisory firms.
Chandler Asset Management is a premier independent fixed-income investment ...
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