FROM: Robert Thompson, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
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PROFESSIONAL CONSULTANT SERVICES AGREEMENT FOR INVESTMENT MANAGEMENT SERVICES
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
Approve a Professional Consultant Services Agreement contract to Insight North America LLC to provide Investment Management Services, Specification No. CS-2023-1418BD, for five years, with two (2) optional two-year renewals.
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BACKGROUND
The Orange County Sanitation District (OC San) has utilized Chandler Asset Management, Inc. to manage OC San's portfolio since November 2014. Services include making investment decisions, completing investment transactions, and reporting investment results in accordance with the California Government Code and OC San's Investment Policy.
RELEVANT STANDARDS
* Ensure the public's money is wisely spent
PROBLEM
As OC San has used the same investment manager for several years and the Administration Committee deemed it prudent to re-evaluate the availability of these services in today's open market, from both a cost and performance basis, and to conduct a competitive proposal process for these services.
PROPOSED SOLUTION
Approve a Professional Consultant Services Agreement with Insight North America LLC.
TIMING CONCERNS
Proposals are valid for 180 calendar days from the proposal due date of August 30, 2023.
RAMIFICATIONS OF NOT TAKING ACTION
OC San will continue with the current Investment Manager.
PRIOR COMMITTEE/BOARD ACTIONS
October 2014 - The Board of Directors selected Chandler Asset Management as OC San's Investment Portfolio Manager and authorized staff to negotiate a professional services agreement.
September 2014 - The Administration Committee continued the selection of OC San's Investment Manager.
February 2014 - The Administration Committee approved a Request for Proposal for Investment Management.
June 1995 - The Board of Directors selected PI...
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