Investment Advisory Services

The City of Westerville, Ohio is issuing a Request for Proposal for professional investment advisory services to enhance and manage the City's portfolio of short-term and long-term investments in compliance with the Ohio Revised Code, the City's Charter, and the City's Investment Policy. The services required include recommending and implementing appropriate investment transactions, with potential additional services encompassing cash management consulting, bond interest accounting, and arbitrage rebate calculations. Qualified respondents must be registered with the Securities and Exchange Commission under the Investment Advisers Act, possess a minimum of ten years of experience in the market, provide errors and omissions insurance coverage, and assign both a portfolio manager and relationship manager with at least ten years of experience to the account. Proposals must include a transmittal letter, a professional services proposal not exceeding twenty pages, resumes for key professionals, and optional exceptions letters and contract forms. The evaluation criteria emphasize responsiveness (10 points), experience and qualifications (40 points), capability and project approach (40 points), and cost (10 points), with cost representing no more than 10 percent of evaluation points during initial phases. The procurement timeline includes a non-mandatory pre-proposal conference on April 15, 2026 at 10:00 AM EDT via Google Meet, a written questions deadline of April 17, 2026 at 5:00 PM EDT, a proposal submission deadline of April 29, 2026 at 5:00 PM EDT, proposal evaluation scheduled for May 7, 2026, presentations and interviews potentially occurring May 8-21, 2026, and contract negotiations and award anticipated May 22-31, 2026.

The City of Westerville currently maintains an average monthly core investment portfolio of approximately $150 million to $170 million and utilizes Fifth Third Bank as its custodian, though the City is flexible to change custodians based on future needs. The initial contract term runs from January 1, 2027 through December 31, 2029, with an option for the City to renew for up to two additional one-year periods, with renewal notice to be issued no sooner than ninety days prior to contract expiration. All respondents must complete required affidavits including a Noncollusion Affidavit certifying that their bid is genuine and not collusive, and a Personal Property Tax Affidavit declaring whether they have been charged with delinquent personal property taxes in Franklin and Delaware Counties, Ohio. Proposals are valid for ninety days from the proposal due date, and all submitted materials become public property subject to Ohio Public Records Law. No specific set-aside designations for disadvantaged enterprises or restrictions limiting respondent types are detailed in the procurement documents. The RFP does not specify an award value or budget range for this contract opportunity.