Addendum #1 RFP 23-323 Investment Advisory Services(KA).pdf
PDF 69 KB Posted
- Attached to
- Investment Advisory Services
- Solicitation number
- FM-23-323
- Issued by
- California
About this file
This is an Addendum No. 1 to Request for Proposals (RFP No. FM 23-323) issued by the City of Long Beach Department of Financial Management for Investment Advisory Services. The addendum provides clarifications to the original RFP through a questions and answers format. The current contract for investment advisory services expires at the end of 2023. The City is consolidating three separate portfolios (short-term, intermediate, and long-term) into one unified portfolio and bringing in-house the portion previously managed by the investment advisor. The selected advisor will need to provide expertise in advising, record-keeping, reporting, and compliance monitoring. Additionally, the City plans to expand its investment strategy to include credit products and requires an advisor capable of maintaining strong compliance measures. The City currently maintains one investment account and two bank accounts.
Chandler Asset Management is the incumbent service provider and is invited to rebid. Proposers must acknowledge receipt of this addendum by signing and submitting it with their proposals, with failure to do so potentially resulting in disqualification. The City has no preferred form for cost proposals and requests that proposers submit a document with itemized costs and contract period. All official communications must occur through the City's designated contact process, and proposers are cautioned that oral communications or information obtained outside this official process will not bind the City unless confirmed in writing. The addendum was prepared by William Reyes, Buyer I, on November 16, 2023.
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Other files
| File | Type | Posted |
|---|---|---|
| VISA Questionnaire.docx | DOCX document | |
| Section 4.3~11.docx | DOCX document | |
| Notice of Intent~16.pdf | ||
| FM-23-323 Investment Advisory Services.pdf | ||
| Attachment A Authorization and Certification Form~24.pdf |
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Text version
Department of Financial Management 411 West Ocean Boulevard, 6th Floor
Long Beach, CA 90802
(562) 570-6425
November 16, 2023
NOTICE TO PROPOSERS
ADDENDUM NO. 1: Questions & Answers
RFP No. FM 23-323 Investment Advisory Services
This addendum changes and supersedes the language in the original RFP.
Please acknowledge receipt of this addendum by signing and submitting with your proposals. Any proposer who fails to submit this addendum may be disqualified.
The City would like to remind Proposers that pursuant to Section 5.2.26 of the RFP, the City will not be responsible for or bound by any oral communication or any other information or contact that occurs outside the official communication process specified herein, unless confirmed in writing by the City Contact.
The questions and answers are as follows:
1. Q: Why is the search being conducted at this time?
A: The current contract for investment advisory services expires at the end of this calendar year. The City has also made the decision to bring in-house, the portion of the portfolio that was being managed by the investment advisor. As a result, the City is consolidating all three separate portfolios into one (short-term, Intermediate, and long-term); therefore, the City needs an investment advisory that is experience in advising, proficient with record-keeping, reporting and providing compliance monitoring. The City will also branch out and invest in purchasing credit products and will need an advisor to maintain strong compliance measures.
2. Q: Which firm currently provides the services?
A: Chandler Asset Management
3. Q: Is the incumbent firm invited to rebid?
A: Yes
4. Q: Can you please provide the number of investment accounts and bank accounts the City has.
A: One Investment account and two bank accounts.
RFP FM-23-323
Pg. 2
5. Q: For the Cost Proposal section does the City have a preferred form or set of questions you would like us to submit our proposed fee through?
A: No, we do not have a set form. Please provide a document with itemized cost and period.
PREPARED BY: William Reyes, Buyer I
ACKNOWLEDGED BY:
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