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File #: 2019-396    Version: 1 Name:
Type: Contract Status: Passed
File created: 11/4/2019 In control: Board of Directors Workshop Meeting
On agenda: 11/13/2019 Final action: 11/13/2019
Title: Contract No. 1902721 Investment Advisor Services
Sponsors: Nicolette Bateson
Indexes: Finance
Attachments: 1. Board Letter Attachment - PFM Asset Management – Fees.pdf, 2. Procurement Report RFP 1902721 Investment Advisor Services.pdf
Title
Contract No. 1902721 Investment Advisor Services
Body

Agenda of: November 13, 2019
Item No.: 2019-396
Amount: 3-Year Contract $1,320,000.00
First Year Renewal Option $ 440,000.00
Second Year Renewal Option $ 440,000.00
Total $2,200,000.00

TO: The Honorable
Board of Directors
Great Lakes Water Authority

FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority

DATE: November 13, 2019


RE: Contract No. 1902721
Investment Advisor Services
Vendor: PFM Asset Management LLC


MOTION

Upon recommendation of the Audit Committee, the Board of Directors (Board) of the Great Lakes Water Authority, approves a contract to secure investment advisor services, at a cost not to exceed $1,320,000 for a duration of three years with two-one year renewals at a cost of $440,000 for each renewal year for total contract amount of $2,200,000 with PFM Asset Management LLC, and authorizes the CEO take such other action as may be necessary to accomplish the intent of this vote.


BACKGROUND
The Great Lakes Water Authority (GLWA) has worked with an investment advisor since the stand-up of the organization to assist in the management of its investment portfolio. The use of a registered investment advisor has proven to be a cost effective and efficient approach to portfolio management. The investment advisor allows GLWA to have direct access to financial market data sources, technology and expertise while allowing the treasury team to focus on the development of cash flows, treasury internal controls, and process improvements. Using an investment advisor has helped GLWA to achieve higher portfolio returns, properly manage market risk and diversify portfolio holdings. The contract with the current investment advisor, PFM Asset Management, LLC expires December 31, 2019.
In keeping with GLWA's ongoing cycle to solicit proposals for key professional services, a Request for Proposal (RFP) for Investment Advisor services was ...

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