TITLE
Recommendation to adopt Specifications No. RFP FM15-011 and award a contract to Chandler Asset Management, Inc., of San Diego, CA, to provide investment advisory and management services, in an annual amount not to exceed $300,000, for a period of two years, with the option to renew for three additional one-year periods, at the discretion of the City Manager. (Citywide)
DISCUSSION
City Council approval is requested to enter into a contract with Chandler Asset Management, for providing investment advisory and management services relating to the City’s pooled investment portfolio. The City aggregates all funds not immediately required for disbursement in a pool, which is invested in various investment securities and vehicles. The City directly invests in securities issued by the U.S. Treasury, Agencies of the United States, California’s Local Agency Investment Fund (L.A.I.F.), and other similarly conservative alternatives permitted by the City’s Investment Policy. The advisor will provide investment advice to the City, actively manage approximately 25 percent of pooled funds on a discretionary and/or non-discretionary basis, and on-going monitoring of investments, financial markets, regulatory developments, investment strategy review, and performance evaluation.
A Request for Proposals (RFP) was issued on November 11, 2014, and 3,374 potential proposers specializing in professional investment advisory and management services were notified of the RFP opportunity. Of those potential proposers, 25 downloaded the RFP document via the City’s electronic bid system. The RFP document was made available through the Purchasing Division, located on the seventh floor of City Hall and the Division’s website at www.longbeach.gov/purchasing
. An RFP announcement was also included in the Purchasing Division’s weekly update of Open Bid Opportunities, which is sent to 30 local, minority, and women-owned business groups. Two propos...
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