Proposal:

Issue an RFP for Investment Consultant Services

Synopsis:

Board action on April 12, 1996 approved a recommendation to minimize AQMD investments in the Los Angeles County Pooled Surplus Investment Portfolio (PSIP) by directing staff to work with the Los Angeles County Treasurer (AQMD’s Treasurer) to make specific investments on behalf of the AQMD. This recommended action included the use of outside investment consultant services to assist in the development of an AQMD Investment Policy and Guidelines and to provide investment monitoring and compliance reporting services.

Committee:

Investment Oversight, August 2, 1996, Administrative, August 23, 1996

Recommended Action:

Approve the issuance of RFP #9697-07 entitled "Request for Proposals for Investment Consultant Services."

James M. Lents, Ph.D.
Executive Officer

The Governing Board, based on an extensive review of the AQMD treasury management operations and the risk and benefits associated with investing in a commingled county investment pool, has directed staff to work with the County to reallocate a significant portion of its short-term investments from the County’s commingled Pooled Surplus Investment Portfolio (PSIP) into its non-commingled Special Purpose Investment Portfolio (SPIP) and into the Local Agency Investment Fund (LAIF) managed by the State Treasurer. To implement and monitor this change in investment policy, the Board approved the recommendation to utilize outside investment consultant services.

Proposal

Through the attached RFP, the AQMD is seeking to competitively bid for investment consultant services. The result will be a staff recommendation to select a firm to assist in the development and annual update of the AQMD Investment Policy and Guidelines; advise staff on short-term investment strategies available to the AQMD through its Treasurer, the County of Los Angeles; and provide investment monitoring and reporting services to the AQMD to ensure compliance with its investment policies. These services are for a period of three years.

Staff will develop a public service announcement advertising the RFP on local radio stations and will advertise this RFP in the following publications:

California State Contracts Register, Eastern Group Publications, El Chicano, Inland Valley Daily Bulletin, La Opinion, La Voz, Los Angeles Sentinel, Los Angeles Times, M/W/DVBE Source, Orange County Register, Precinct Reporter, Rafu Shimpo, Riverside Press-Enterprise, San Bernardino Sun, The Black Voice News, The Excelsior, Inland Empire Hispanic News, Chinese Daily News, Korean Central Daily, and Philippine News.

Copies of the RFP will be sent to the Black and Latino Legislative Caucuses and interested minority contractors/professional associations and vendors listed in the Los Angeles County, MTA, Cal Trans, and Inland Area MBE/WBE directories. Further, the RFP will be placed on the AQMD’s Internet and bidders’ 24-hour telephone message line.

Attachment (Microsoft Word 6.0)
RFP #9697-07