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File #: 23-727    Version: 1 Name: Investment Advisory and Portfolio Management Services
Type: Minute Order Status: Consent Agenda
File created: 3/2/2023 In control: City Council Meeting Agenda
On agenda: 3/13/2023 Final action:
Title: CC - CONSENT ITEM: Approval of an Amendment to an Existing Professional Services Agreement with Insight Investment for Investment Advisory and Portfolio Management Services with an Annual Fee of 0.08% of All Assets (Up to/Including $60 Million) and 0.06% (Exceeding $60 million) Ending December 31, 2023.
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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CC - CONSENT ITEM: Approval of an Amendment to an Existing Professional Services Agreement with Insight Investment for Investment Advisory and Portfolio Management Services with an Annual Fee of 0.08% of All Assets (Up to/Including $60 Million) and 0.06% (Exceeding $60 million) Ending December 31, 2023.

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Meeting Date: March 13, 2023

Contact Person/Dept: Lisa Soghor/Finance

Phone Number: 310-253-5865

Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []

Attachments: []

Commission Action Required: Yes [] No [X]

Public Notification: (E-Mail) Meetings and Agendas - City Council (03/09/2023)

Department Approval: Lisa Soghor, Chief Financial Officer (03/01/2023)
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RECOMMENDATION

Staff recommends the City Council approve an amendment to an existing Professional Services Agreement with Insight Investment to provide investment advisory and portfolio management services through December 31, 2023 for an annual fee of 0.08% of all assets up to and including $60 million and 0.06% for all assets exceeding $60 million.


BACKGROUND

Insight Investment has been the City's portfolio manager since 2011 and provides expertise in analyzing and researching investments. Monthly and year-end investment reporting is provided, and staff provides oversight of the investment function.

A Request for Proposals (RFP) for these services was issued in 2017, and Insight Investment was selected from the applicant pool. A new RFP is due per the City's Purchasing Policy and will be issued in the coming months.

The City's investment portfolio was approximately $125 million at the mid-year point of Fiscal Year 2022-2023.


DISCUSSION

Efficient investment of the City's portfolio has been achieved with Insight Investment, and additional yield has been realized that would not have otherwise been attained. The services provided by Insight Investment include a careful ...

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