Summary of Specifications:
The City of St. Clair Shores is soliciting proposals from investment management firms for portfolio management services for short-term operating funds All investment practices and procedures must comply with the State of Michigan law and the City’s written investment policy. Firms responding to this request for proposal are invited to suggest changes to our investment policy that they believe are appropriate. The following background information is enclosed with this RFP to help better understand the City and its needs: 1. 2009 Comprehensive Annual Financial Report 2. City of St. Clair Shores Cash & Investments for Month of October 2009 3. Copy of the “Investment Policy” Criteria for Selection The criteria to be used by the City in selecting an investment manager are as follows: Understanding of the overall investment program and the investment objectives and constraints unique to the City of St. Clair Shores and the State of Michigan. The manager’s demonstrated ability to add value in excess of service fees charged Experience, resources, and qualifications of the firm and individuals assigned to this account Experience of the firm in managing state/local government operating funds. Format for Proposals Please format your response to this request in the following order to facilitate comparisons between respondents. Organization Describe the organization, date founded, and ownership of your firm and any subsidiaries and affiliates relevant to the account. Has the firm ever been the subject of any action by the SEC or any other regulatory agency? If so, please provide details on an attached sheet. Personnel Identify the number of investment professionals (portfolio managers, traders, analysts, and researchers) employed by your firm, by classification and specify the average number of accounts handled by portfolio managers. Identify the size and key personnel of your staff committed to the public sector, along with their credentials. Provide biographical information on investment professionals that will be directly involved in the decision-making process for the portfolio. Assets Under Management Summarize your institutional investment management assets totals by category for your latest reporting period in the following table: Operating Funds Pension Funds Under Management Under Management Governmental $ $ Funds Other Institutional Funds All Other Funds Provide relevant performance statistics on operating funds, and compare with industry averages or benchmarks, if appropriate. Investment Management Approach and Discipline What are your primary strategies for adding value to portfolios (e.g., market timing, credit analysis, trading)? How will you handle fluctuating cash flows and the cash forecasting process? How frequently would you suggest your staff meet with our staff? Who will attend briefings? Reporting Describe the frequency and format of reports that you would provide to staff. Attach examples. What performance benchmarks would you suggest for this portfolio? Fees Provide a fee schedule that would apply to this account. References Provide name and contact information for at least five municipal references.
