Investment Advisory Services | Package A: City Investment Portfolio | Package B: Section 115 Trust

The City of Milpitas is requesting proposals for investment advisory services across two separately evaluated and awarded packages, with proposals due September 24, 2026 at 12:00 p.m. Pacific Time and questions due September 3, 2026.

Package A covers comprehensive review, analysis, reporting, and portfolio management of the City's investment portfolio in accordance with the City's Adopted Investment Policy. The contract commences January 1, 2027 for an initial five-year term with two one-year options exercisable at the City's sole discretion, extending the potential term to seven years. The City General Portfolio currently comprises $265.4 million in securities, $74.6 million in Local Agency Investment Fund investments, and approximately $38.4 million in cash, managed by Chandler Asset Management. The portfolio achieved a quarterly return of 0.38% versus a 0.24% benchmark and a trailing twelve-month return of 3.09% versus 2.71% benchmark as of June 30, 2026.

Package B provides Internal Revenue Service Code Section 115 Retirement Trust investment and administrative services to California local government agencies. This contract commences April 1, 2027 under identical terms. The Section 115 Trust Portfolio currently holds $46.0 million in market value and is managed by PFM Asset Management. The City's investment positions are geographically diverse with allocations across U.S. Treasury securities, corporate bonds, money market funds, and equity holdings.

Proposers must submit a Milpitas Business License number; comply with nondiscrimination, wage and hour, and worker's compensation laws; and provide proof of Commercial General Liability ($1,000,000 per occurrence), Automobile Liability ($1,000,000 combined single limit), and Professional Liability ($2,000,000 per occurrence or claim) coverage. Three references for similar work within the last three years are required. Proposals must be submitted electronically through the City's OpenGov eProcurement portal. Final contract award requires City Council approval and is contingent upon successful negotiation of contract terms based on the City's standard agreement form.