The purpose of this Request of Proposal (RFP) is to obtain investment advisory services from a qualified firm for the core long-term portfolio of the Emerald Coast Utilities Authority (ECUA). ECUA desires to contract for services from a firm registered with the Securities and Exchange Commission (SEC) under the Investment Advisor’s Act of 1940 who will act as an investment advisor in a non-discretionary capacity. The Investment Advisor will be required to manage the funds in accordance with the laws of the State of Florida and the investment policies and procedures established by the ECUA. A copy of the current investment policy is attached as “Exhibit I”.
The current value of the Core Portfolio is approximately $60 million dollars ($60,000,000) with maturities ranging from 0-5 years. The portfolio is currently managed by Public Trust Advisors with US Bank providing custodial services.
ECUA encourages all prospective investment advisors to examine this RFP carefully. Qualified advisors, as defined below, are requested to submit proposals to provide the services described in this RFP. ECUA expects its investment advisor to be a highly experienced leader and innovator in the management of investments, and be able to provide comprehensive investment advisory services.
The firm selected and its affiliates will be restricted from selling to the ECUA any securities from that firm’s own inventory or account. Additionally, they will be restricted from buying from the ECUA any securities and placing same in the firm’s own inventory or account. The investment advisor will also be restricted from placing into the ECUA portfolio any securities for which it, or an affiliate, is the issuer (i.e., CD’s, etc.). The investment advisor shall act solely in a fiduciary capacity for the ECUA and shall not receive any fee or compensation based upon the purchase or sale of securities but, rather, the investment advisor will be compensated pursuant to the provision of its contract with the ECUA.
