NIGP 94656: Investment Management Services

NIGP 94656 Investment Management Services is an Item code that addresses state and local procurement of professional investment advisory and portfolio management services for public funds, endowments, pension plans, and institutional asset pools. Recent solicitations show governments buying discretionary and non-discretionary portfolio management, investment consulting, performance monitoring, fiduciary support, and related treasury and custodial services across portfolios ranging from $60 million to $2.8 billion.

State departments, county governments, cities, school districts, and special-purpose authorities (pension systems, water districts, housing authorities) are active buyers. The Texas Comptroller of Public Accounts, Florida Department of Management Services, California Public Employees' Retirement System (CalPERS), and local treasurers' offices appear frequently. Representative recent solicitations include the Texas Comptroller's TexPool and TexPool Prime investment management RFP (proposals due September 2, 2026) for approximately $58.4 billion in combined assets across 3,728 local government participants; the City of Sarasota's OPEB Trust Fund investment consulting RFP (proposals due August 19, 2026) for approximately $60 million; Troup County Board of Commissioners' investment management RFP for the Troup County Recreation Endowment Fund (proposals due August 20, 2026) valued at $11.1 million; and the Massachusetts School Building Authority's investment advisory services RFP (proposals due August 7, 2026) covering approximately $340 million in assets. Additional activity includes the University of Central Florida's fixed income investment management ITN (proposals due July 24, 2026) for $284 million across three operating pools, the Teacher Retirement System of Texas's private markets technical services RFP (proposals due March 4, 2026), and Salt Lake City Corporation's investment adviser services RFP (proposals due May 29, 2026) for approximately $2.2 billion. Geographic spread is nationwide, with recent activity concentrated in Texas, Florida, California, Georgia, Oregon, and Massachusetts. Mandatory qualifications typically include SEC registration as an investment adviser, minimum assets under management ranging from $500 million to $10 billion depending on scope, professional liability insurance of $1 million to $10 million, and demonstrated experience serving public sector or institutional clients. Set-asides for veteran-owned (VetHUB), minority-owned, women-owned, and small business enterprises appear in select procurements, particularly in Texas. Contract terms typically run three to five years with optional renewal periods. Fee structures vary between flat annual fees, basis-point charges on assets under management, hourly rates, and hybrid models, with all-inclusive pricing common to avoid hidden expenses.