ADMINISTRATION - Joe Huss, Finance Director
Title
AUTHORIZE AGREEMENT FOR INVESTMENT PORTFOLIO MANAGER
Background
In August staff sent Requests for Proposals to five investment management firms for the purpose of contracting management of the City’s $70 million investment portfolio. All five firms responded and initial discussions and interviews were conducted with all five firms.
The five respondents are as follows:
• Advantus Capital Management
• Galliard Capital Management, Inc.
• PFM Asset Management, LLC
• UBS Financial Services, Inc.
• US Bank Municipal Advisory Group
Based on the proposals, interviews and references, staff’s recommendation is for Council to authorize the City Manager to enter into an agreement with US Bank Municipal Advisory Group to provide investment management services for the City of Blaine. While all proposers are extremely qualified and would perform well as the City’s portfolio manager, US bank, with its pricing structure for portfolio management, securities custody, and associated banking services, provides the most cost-effective solution for the services.
Recommendation
By motion, authorize the City Manager to enter into an agreement with US Bank Municipal Advisory Group to provide investment management services for the City of Blaine.