NIGP 94656: Investment Management Services

NIGP 94656 Investment Management Services (Item) encompasses the full spectrum of portfolio advisory, management, and fiduciary services that state and local governments procure to steward endowments, pension and deferred-compensation plans, bond reserves, operating funds, and specialized vehicles like 529 college savings programs and revolving loan funds. Recent solicitations show state and local buyers purchasing non-discretionary investment advisory for public funds and retirement plans, discretionary asset management for endowments and trust funds, secondary market transaction advisory for private equity and infrastructure portfolios, custodial and recordkeeping administration for defined contribution and Section 457(b) plans, and specialized advisory including arbitrage compliance, Shariah-compliant analysis, and cryptocurrency custody services. The issuing-body mix spans community colleges, state universities, county governments, city finance offices, county and municipal pension administrators, standalone governmental entities such as the Teacher Retirement System of Texas and California Public Employees' Retirement System, and special-purpose districts including airport authorities and housing finance commissions. San Jacinto Community College District (Texas) is soliciting broker-dealer services for a $146–225 million portfolio under RFQ #27-02 due November 4, 2026; Snow College (Utah) is requesting endowment and foundation investment management for $34 million under RFP SNOC26271023 due November 13, 2026; Citizens Property Insurance Corporation (Florida) is seeking investment analytics software under ITN 26-0007 due November 12, 2026; and the City of Milpitas (California) is requesting advisory services for a $265.4 million General Fund portfolio and $46 million Section 115 Trust portfolio under RFP 26-1396 due September 24, 2026, with award anticipated by December 1, 2026.

Geographic activity concentrates in Texas, California, and Florida, with secondary clusters in Washington, Illinois, Georgia, and Massachusetts. Recent opportunities span college and university systems managing endowment and operating funds; Texas governmental entities (TRS, LFAMC, TexPool/TexPool Prime, Brazos River Authority, Hays County, WCJC) managing public funds under the Texas Public Funds Investment Act; California systems (CalPERS, Milpitas, San Mateo County, UCF) managing large institutional portfolios; and Florida entities (Citizens, Hillsborough County Clerk, Okaloosa County, Orange County Transportation Authority, Sarasota) soliciting fixed-income and fiduciary advisory. Contract terms typically run three to five years with optional renewals; portfolio sizes range from $11 million (Troup County endowment) to $1.5 billion (Hillsborough County) and $58.4 billion (TexPool); and evaluation emphasizes qualifications and experience (15–40 points), investment philosophy and process (20–30 points), and proposed fees (10–45 points). SEC registration, professional liability insurance of $1–2 million, state and federal securities licenses, and demonstrated public-sector or endowment-management experience are standard minimum qualifications across procurements.