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Consent-General Government # 13.
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| Board of Supervisors |
Financial Services |
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| Subject |
| Authorize the Auditor-Controller to negotiate a contract with PFM Asset Management LLC to provide investment advisory services to the county in fiscal year 2013-14 for a cost not to exceed $130,000. (No general fund impact) (Newens) |
| Recommended Action |
- Receive the results of competitive bids for investment advisory services to the County.
- Authorize the Auditor-Controller and County Counsel to negotiate a contract with PFM Asset Management LLC to provide investment advisory services to the county in fiscal year 2013-14 for a cost not to exceed $130,000 in accordance with the county's request for proposals (Att. A) and the proposal submitted by PFM (Att. B)
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| Strategic Plan Goal(s) |
| Provide fiscally sound, dynamic and responsive services |
| Reason for Recommended Action/Background |
The contract with the current investment advisor to the County (PFM Asset Management LLC) is due to expire on 6/30/2013. Following County procurement policy, staff issued a request for proposals to provide investment services and received nine proposals.
Summary of Proposals
| Firm |
Cost for $180 million portfolio |
| Bank of the West |
$ 215,000 |
| Beverly Hills Wealth Management |
$ 126,000 |
| FTN Financial Main Street Advisors |
$ 64,000 |
| Garcia Hamilton & Associates |
$ 163,000 |
| PFM Asset Management |
$ 130,000 |
| Public Trust Advisors |
$ 79,667 |
| Ramirez Asset Management |
$ 123,000 |
| Sterling Capital Management |
$ 146,000 |
| U.S. Bancorp Asset Management |
$ 136,000 |
A panel of three staff from the County Administrator and the Treasurer-Tax Collector departments evaluated the proposals using established technical and cost criteria and accepted procurement practices. After extensive review and deliberation, the panel recommended PFM Asset Management.
PFM Asset Management is a well known investment advisory firm with nationwide reputation for excellent service to the public sector. The firm has served the County well since 1998 at reasonable fees. |
| Other Agency Involvement |
| The proposal review panel includes managerial staff from the Treasurer-Tax Collector department and County Administrator's office. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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Explanation (Expenditure and/or Revenue) |
| Further explanation as needed: |
| The cost of $130,000 is fully chargeable against the investment earnings. |
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