Investment manager services

The City of Riviera Beach, located in Palm Beach County, Florida, has issued a Request for Proposal (RFP) for Investment Manager Services through its City, Utility Special District (USD), and Community Redevelopment Agency (CRA). The solicitation seeks highly qualified and experienced firms to provide comprehensive investment advisory and portfolio management services for an average monthly portfolio of approximately $105,000,000 across five separate accounts. The selected investment manager will be responsible for developing and implementing an investment strategy aligned with the City's Investment Policy Statement, managing day-to-day investment decisions, executing trades, providing quarterly performance reports, and ensuring regulatory compliance. The RFP requires electronic submission via BidNet by August 21, 2025, at 2:00 PM, with questions accepted until August 8, 2025. Evaluation criteria will include firm qualifications (20%), key personnel (15%), investment philosophy (15%), project approach (15%), technology and reporting (10%), pricing (20%), and local vendor preference (5%), with the City reserving the right to award the contract to one or more proposers based on the best overall value.

The RFP offers a local vendor preference program that provides a five percent advantage to local businesses meeting specific criteria, such as having a current city business tax receipt and a physical business location within city limits for at least twelve months. Proposers must complete comprehensive required forms, including disclosures related to drug-free workplace policies, E-Verify compliance, non-discrimination practices, and scrutinized companies certifications. The contract will be for an initial three-year period with potential for two one-year renewal options. While specific budget ranges are not explicitly stated, the cost proposal attachment requires detailed fee schedules based on tiered asset management levels, with fees to be calculated for different asset ranges: first $25 million, next $25 million, next $50 million, and over $100 million. Proposers must maintain professional liability insurance of at least $3,000,000 per occurrence, commercial general liability insurance of $1,000,000 per occurrence, and comprehensive automobile liability insurance of $1,000,000 combined single limit.