Investment Advisory Services for the City of Cheyenne

The City of Cheyenne is soliciting proposals from qualified, SEC-registered investment advisory firms to actively manage an investment portfolio of up to approximately $100 million. The selected firm will provide investment management services tailored to the City’s financial objectives, liquidity needs, and statutory requirements.

Currently, the City Treasurer’s office is responsible for the investment of all funds of the City, including both liquid and longer-term investment portfolios. The City is therefore seeking proposers who are registered with the Securities and Exchange Commission (“SEC”) and have demonstrated experience as independent investment advisers for public agencies.

The exact range and extent of services are subject to negotiation but include, at a minimum, professional services and dedicated personnel to perform the following:

• Have a minimum of five years of experience managing public sector investment portfolios, including fixed-income securities and, where applicable, diversified equity investments.
• Assign an account manager to the City account with a minimum of five years of experience in investment management.
• Demonstrate familiarity with all applicable Wyoming statutes with regard to qualified investments for public entities.
• Adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct.
• Be registered with the Securities and Exchange Commission (“SEC”) as an investment adviser and be in compliance with all applicable notice filing and registration requirements of the Wyoming Secretary of State, including requirements applicable to investment adviser representatives providing services to the City.
• Take no possession of City monies or investment securities, nor have access to or control over such monies and/or securities. Account assets must be held in a segregated account with a custodian approved by the City.
• Comply with Wyoming State law and the ordinances and policies of the City of Cheyenne.
• Assist with periodic review of the Investment Policy Statement and Portfolio Guidelines to ensure compliance with Wyoming law, industry best practices, and evolving market conditions.
• Review the present investment management procedures and documentation and propose improvements.
• Make presentations to the City’s Investment Committees, as needed, to support recommendations relating to investment strategy.
• Manage the City’s investment portfolio with non-discretionary or discretionary authority. Discretionary authority will be approved specifically on a case-by-case basis.
• Provide detailed monthly reports which include 1) benchmark comparison, 2) duration, weighted average maturity, 3) sector allocation, 4) unrealized gain/loss, 5) realized income, and 6) compliance summary [...].
• Provide quarterly performance reports and attend at least one City Investment Committee meeting annually to present portfolio performance, market conditions, and investment strategy.
• Manage the City’s portfolio separately with no co-mingling of funds.
• Continuously monitor the credit quality of portfolio holdings and immediately notify the City of any material downgrade or credit event.
• Assist the City with cash flow forecasting to ensure adequate liquidity while maximizing investment earnings.
• Provide quarterly certification that the portfolio complies with Wyoming statutes and the City's Investment Policy Statement.

The City will utilize a two-step process for selection through this solicitation. This process dictates that proposers divide their submittals into two parts: a technical proposal and a price proposal. Proposers shall submit their technical proposals and price proposals simultaneously on the date and time specified in this RFP via the City's eProcurement Portal.

**Required:** upload one (1) Technical Proposal and one (1) Price Proposal in PDF format through the City’s OpenGov e-Procurement Portal. Email or fax submittals shall not be considered.

The selection committee will evaluate each proposal based on weighted criteria totaling 100 points: Experience with Public Sector Clients (20), Qualifications of investment team (20), Investment philosophy and portfolio management approach (20), Reporting capabilities and technology (10), Wyoming Public Funds Knowledge and Responsiveness (5), References (5), Proposal Quality (10), and Cost (10).

Provide proof of bonding up to **$5,000,000**. The selected adviser shall provide the City a Certificate of Insurance, in accordance with the requirements of the professional services agreement.

The initial term of the contract will be for a 4-year period, with 2 possible one-year extensions beyond that period.