Salt Lake City Request for Proposals SLCI26086 Investment Adviser Services

Salt Lake City Corporation is soliciting competitive sealed proposals for investment adviser services to support the City Treasurer's Office, Department of Public Utilities, and Department of Airports through Request for Proposals SLCI26086, with proposals due by May 29, 2026. The procurement seeks a single qualified offeror to provide comprehensive investment advisory services for a portfolio valued at approximately $2.2 billion as of February 2026, including active portfolio management, trade execution, research and recommendations for securities compliant with the Utah State Money Management Act, monthly and quarterly reporting with online accessibility within five business days of month-end, broker and dealer due diligence reviews, creditworthiness monitoring, and consultation on investment policy updates and cash flow projections. All-inclusive fees must cover trade execution, integrated accounting, compliance, risk management, and performance reporting, with pricing guaranteed for the five-year contract term commencing August 30, 2026. Required qualifications include certification by the Utah Department of Commerce Securities Division, listing on the Utah Money Management Council's Certified Investment Adviser list, submission of SEC Form ADV Part II, and disclosure of any generative artificial intelligence technology usage; additionally, offerors must be registered with the State of Utah and Sam.gov, and comply with E-Verify requirements prior to contract execution. The evaluation process consists of four stages: initial responsiveness review; technical evaluation against nine weighted criteria (Organization 10.7%, Qualifications 10.7%, Personnel 14.3%, Assets Under Management 14.3%, Reporting Capabilities 7.1%, Investment Approach 17.9%, Research 7.1%, Compliance Procedures and Quality Control 10.7%, and Fee Approach 7.1%) totaling 700 points with a minimum threshold of 490 points; interviews worth 200 points with a minimum threshold of 140 points; and cost evaluation worth 230 points, with the lowest blended basis points percentage receiving maximum cost points and all other offerors receiving proportional points based on percentage differential from the lowest rate.

The RFP documents do not identify set-aside designations, restrictions on respondent types, disadvantaged enterprise requirements, or incumbent vendors; however, the procurement is open to qualified investment advisory firms meeting the specified mandatory requirements and certifications. The contract structure establishes a tiered, step-rate fee schedule based on assets under management calculated as an average of the previous month's ending market value and current month's ending market value, excluding local government investment pools, with four asset ranges: $0 to $50 million, $50 to $100 million, $100 to $250 million, and $250 million and above, though no specific budget or award value is disclosed in the solicitation documents. The contractor must maintain comprehensive insurance coverage including $1,000,000 commercial general liability per occurrence, errors and omissions insurance of $10 million per occurrence with an additional $10 million umbrella coverage, and fidelity bond coverage based on portfolio size. The initial contract term is five years with an option for the City to extend an additional four months through mutual written amendment, and the City reserves the right to terminate the agreement for any reason with thirty days' notice or for cause with seven days' notice after a failure to cure period. All work products, documents, reports, and other materials prepared by the contractor shall become the property of Salt Lake City, with the contractor retaining only reproducible copies for reference and marketing purposes.