Investment Accounting and Portfolio Management System

The State of Michigan Department of Technology Management & Budget (DTMB) issued Request for Proposal #171-1800000000061 on behalf of the Bureau of Investments (BOI) to procure a Software as a Service (SaaS) solution for an Investment Accounting and Portfolio Management System. The RFP was posted on SIGMA VSS on September 13, 2017, with a response deadline of October 17, 2017, at 3:00 PM EST. The procurement sought to replace the state's current investment accounting and portfolio management system prior to its contract expiration. Five vendors submitted proposals in response to the solicitation: SimCorp USA, Inc.; Broadridge Financial Solutions; Clearwater Analytics; Eagle Investments System; and State Street Corporation. The Joint Evaluation Committee, chaired by DTMB Procurement with voting members from DTMB and the Michigan Treasury Department, evaluated all submissions against the mandatory minimum requirements specified in the RFP documentation. However, the evaluation determined that none of the submitted proposals satisfied the mandatory minimum requirements, resulting in the cancellation of the RFP.

Due to the non-award determination, specific information regarding set-aside designations, disadvantaged enterprise restrictions, incumbent vendors, required technology integrations, or award values is not detailed in the available documentation. The State of Michigan indicated its intent to conduct a comprehensive review of the procurement strategy and publish a revised RFP for Investment Accounting and Portfolio Management System services in the future. All interested vendors, including those who submitted proposals in response to the original solicitation, were encouraged to participate in any subsequent solicitation efforts. The cancellation and anticipated reissuance of this procurement present an opportunity for vendors to address the identified deficiencies and align their offerings with the state's mandatory requirements in future bidding cycles.