UNSPSC 64102008: Managed investment account

An investment account that is owned by an individual investor and looked after by a hired professional money manager.

UNSPSC 64102008 Managed investment account is a Commodity code encompassing the management and custodial services that state and local governments contract for when holding investment portfolios across endowments, pension funds, deferred compensation plans, reserves, and special-purpose trust funds. Recent state and local opportunities show governments soliciting both discretionary portfolio management and non-discretionary advisory services, compliance and reporting support aligned with state investment laws and fiduciary standards, and custodial or administrative coordination with third-party recordkeepers. Representative recent work includes Snow College's $34 million Endowment and Foundation investment management RFP, City of Milpitas' $265 million General Portfolio and $46 million Section 115 Trust portfolio management RFP, Hillsborough County's $1.5 billion short-term operating and reserve funds investment management RFP, and the Texas Comptroller's $58.4 billion TexPool and TexPool Prime local government investment pool management RFP. The code sees broad issuing-body participation across higher education institutions, county governments, municipalities, and special-purpose authorities (transit, port, airport, housing finance, state retirement systems, and state investment boards).

Issuing bodies span state finance departments and comptroller offices, county finance and purchasing offices, city treasurers and finance departments, independent school districts and junior colleges, university systems, public pension and retirement authorities, and specialized boards managing education savings accounts or local government investment cooperatives. Geographic activity is dispersed across multiple states, with concentrated recent posting in Texas, Florida, California, Utah, Washington, Georgia, and Oregon, reflecting both large portfolio holders and states with established municipal investment frameworks. Recent opportunities run across the contract lifecycle: RFPs (formal competitive proposals), RFQs (qualifications-based selection), RFIs (market research), and sole-source awards. Typical contract terms span three to seven years with optional renewal periods, compensation structures range from flat fees to asset-based basis-point pricing tiered by portfolio size, and mandatory insurance includes professional liability of $1–$2 million and commercial general liability of $1 million per occurrence. Pre-bid conferences and question periods are standard, with evaluation weighted toward qualifications and experience (40–50 percent), technical approach and investment philosophy (20–30 percent), and cost (10–30 percent). Set-asides and diversity goals vary by issuer; Texas solicitations frequently mandate VetHUB subcontracting plans, while some California and Washington opportunities apply local-vendor or small-business preferences. Incumbent vendors are often named and invited to rebid. Activity is steady and year-round, with responsive-bidder requirements including SEC registration as investment advisers, clean regulatory histories, client references, and demonstrated experience serving comparable institutional portfolios.