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CC - CONSENT ITEM: Approval of a Professional Services Agreement with Insight Investment for Investment Advisory and Portfolio Management Services.
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Meeting Date: February 26, 2024
Contact Person/Dept: Lisa Soghor/Finance Department
Phone Number: 310-253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Attachments: [] No [X]
Public Notification: (E-Mail) Meetings and Agendas - City Council (02/20/2024)
Department Approval: Lisa Soghor, Chief Financial Officer (02/19/2024)
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RECOMMENDATION
Staff recommends the City Council approve a professional services agreement with Insight Investment to provide investment advisory and portfolio management services.
BACKGROUND
The City maintains reserves in accordance with the adopted reserve policy and invests its reserves in accordance the adopted investment policy. As of December 31, 2023, the total value of the City's investment portfolio was $153,944,941. Historically, the City has hired a firm to manage its investment portfolio. The firm analyzes and researches potential investments and produces quarterly reports. The quarterly reports are published on the City's website. Staff provides oversight over the investment function. The City periodically issues a request for Proposals (RFP) for these services in accordance with the Culver City Purchasing Policy.
DISCUSSION
Staff published a request for proposals for investment advisory and portfolio management on November 2, 2023. Proposals were due December 14, 2023. The City received proposals from five firms. Staff carefully reviewed all the proposals received and conducted interviews with the top three firms. Based on the review of the proposals received and interviews conducted, staff recommends Insight Investments. Insight Investment has been the City's portfolio manager since 2011 and the City has been satisfied with the investment advis...
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