Request for Responses to Provide Investment Advisory Services

The Massachusetts School Building Authority is requesting responses from Registered Investment Advisors to provide investment advisory services, with responses due August 7, 2026 at 2:00 PM. This is a three-year initial contract with two one-year renewal options at MSBA's sole discretion.

Respondents must be SEC-registered under the Investment Advisers Act of 1940, demonstrate a minimum of $2 billion in Regulatory Assets Under Management, and document a minimum of five years' experience providing investment advisory services to Massachusetts governmental entities of similar size and complexity. The MSBA encourages participation from Minority Business Enterprises, Women Business Enterprises, Service-Disabled Veteran-Owned Businesses, Veteran-Owned Businesses, and other diverse business categories, though completion of the Supplier Diversity Program plan form is not mandatory.

The scope encompasses portfolio review and management oversight of approximately $340 million in financial assets held in money market funds, US Treasury notes, bills, and agency securities; potential management of debt service funds, reserve funds, sinking funds, and new bond proceeds; depository selection assistance; market research; execution of investment trades; bidding agent selection for open market securities; policy recommendations; and credit presentation support. The selected firm will operate under a master services agreement with specific deliverables and compensation terms defined in individual work orders.

Respondents must submit detailed cost proposals using the provided template, specifying whether expenses are billed separately or included in hourly rates and assets under management fees. The cost proposal requires pricing structured either as a single flat-fee or tiered fee structure based on a hypothetical $400 million portfolio, with itemized reimbursable expenses including travel. Costs not specifically identified in submissions will not be reimbursed.

Mandatory submissions include Attachment A (Authorized Respondent Signature and Acceptance Form), Attachment B (Certification of Compliance with Laws), Attachment F (Cost Proposal Template), and SEC Form ADV documentation. Proof of solvency and professional liability insurance is required. Respondents must certify compliance with Massachusetts conflict of interest laws and that at least 50 percent of work-hours will be performed in Massachusetts under the Invest in Massachusetts Form.

Questions are due July 15, 2026, with responses posted by July 22, 2026. Virtual presentations are anticipated for the week of September 21, 2026. The anticipated contract award date is October 28, 2026. All responses are subject to Massachusetts Public Records Law.