HomeMy WebLinkAboutCC Resolution 15156 (Investment Management and Advisory Services)RESOLUTION NO. 15156
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING AND
AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT WITH CHANDLER
ASSET MANAGEMENT TO PROVIDE INVESTMENT MANAGEMENT AND ADVISORY
SERVICES FOR THREE YEARS WITH AN OPTION TO EXTEND FOR AN ADDITIONAL
TWO (2) YEARS
WHEREAS, in July 2022 the City’s Finance Department issued a Request for Proposals
for investment management and advisory services needed for the City to ensure liquidity,
safety, and return on its investment portfolio; and
WHEREAS, out of eight proposals received, staff recommends contracting with
Chandler Asset Management, Inc (“Chandler”) for the necessary investment management
services; and
WHEREAS, Chandler charges an annual asset management fee based on “basis
points,” a percentage of the assets under management, and the annual cost for the agreement
will be included in the budget development process for the next three to five years based on the
below fee schedule.
Assets Under Management Annual Asset Management Fee
First $25 million 0.10 of 1% (10 basis points)
Next $25 million 0.08 of 1% (8 basis points)
Next $50 million 0.06 of 1% (6 basis points)
Over $100 million 0.04 of 1% (4 basis points)
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Rafael
that the City Manager is authorized to execute, on behalf of the City of San Rafael, a three-year
agreement, with an option to extend for an additional two years, with Chandler for investment
management and advisory services, in the form included with the staff report for this resolution,
subject to final approval as to form by the City Attorney.
I, LINDSAY LARA, Clerk of the City of San Rafael, hereby certify that the foregoing resolution
was duly and regularly introduced and adopted at a regular meeting of the City Council of said
City held on Monday, the 7th day of November, 2022, by the following vote, to wit:
AYES: Councilmembers: Bushey, Hill, Kertz, Llorens Gulati & Mayor Kate
NOES: Councilmembers: None
ABSENT: Councilmembers: None
Lindsay Lara, City Clerk