TITLE
Recommendation to adopt Specifications No. RFP FM20-038 and award a contract to Chandler Asset Management, Inc., of San Diego, CA, to provide overall investment advisory consultation and management of the Long Maturity portfolio portion of the City's pooled investments, in an annual amount of $290,000, with a contingency in a monthly maximum amount of $22,000, for a total annual contract amount not to exceed $554,000, for a period of two years, with the option to renew for three additional one-year periods, at the discretion of the City Manager; and, authorize City Manager, or designee, to execute all documents necessary to enter into the contract including any necessary amendments. (Citywide)
DISCUSSION
City Council approval is requested to enter into a contract with Chandler Asset Management, Inc. (Chandler), to provide investment advisory and management services relating to the City's pooled investment portfolio and providing related services in the event City management staff is unable due to a declared emergency. The City aggregates all funds not immediately required for disbursement in a pool invested in various investment securities and vehicles.
The City directly invests in securities issued by the United States Treasury, Agencies of the United States, California's Local Agency Investment Fund (LAIF), and other similarly conservative alternatives permitted by the City's Investment Policy. Chandler will provide investment advice to the City, actively manage the Long Maturity portfolio on a discretionary basis, and monitor investments, financial markets, regulatory developments, investment strategy review, and performance evaluation.
A Request for Proposals (RFP) was advertised in the Long Beach Press-Telegram on November 25, 2020, and 409 potential proposers specializing in professional investment advisory and management services were notified of the RFP opportunity. Of those proposers, 23 downloaded the RFP document via the City's electronic bi...
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