Summary of Specifications:
The City is seeking proposals from firms interested in providing investment advisory services to manage and direct the City’s investments. The successful firm would manage and direct the investment of excess funds in accordance with the City’s investment objectives as set forth in City of Miami Beach’s Investment Policy. The key objectives of the City’s investment policy are safety of capital, sufficient liquidity to meet requirements and attaining market–average rates of return. Excess funds are defined as funds not required to meeting short term expenditures of the City. Currently, funds available for investment consist of approximately $151 million from operating funds, $106 million from various bond proceeds, and $20 million from the Miami Beach Redevelopment Agency (RDA).
The City expects its investment advisor to be highly experienced, a leader and innovator in the management of investments, and able to provide comprehensive investment advisory services. The firm selected as the investment advisor and its affiliates will be restricted from selling to the City, or buying from the City, any securities to or from that firm’s own inventory or account. The investment advisor will also be restricted from placing into the City’s portfolio any securities for which it, or an affiliate, is the issuer. Investment advisors will not provide custodial services or security safekeeping. All City investments, except for swap agreements must be held in an independent custodial account.
Fees for such services are competitive and would be paid from additional investment earnings.
