RFP for Registered Investment Advisor
REQUEST FOR PROPOSALS
For
REGISTERED INVESTMENT ADVISOR (RIA)

County of Martin, MN
County Coordinator’s Office
Room #100
201 Lake Avenue
Fairmont, MN 56031

 

Deadline for RFP Responses:    June 28, 2024 by 12:00 PM (Noon)

Board Presentation Date:          July 16, 2024

 

REGISTERED INVESTMENT ADVISOR (RIA)

County of Martin, MN
County Coordinator’s Office
Room #100
201 Lake Avenue
Fairmont, MN 56031

Background

Martin County is seeking proposals for a Licensed Registered Investment Advisor (RIA) to provide day to day investment service.  The firms submitting a proposal must understand that their legal standing must be as a Fiduciary not a Broker Based Commission Status.

Invitation

Notice is hereby given that the County of Martin, MN (“County”), will accept Proposals for a Registered Investment Advisor (RIA) until 12:00 Noon on June 28, 2024.  Proposals will be opened and tabulated by County staff team and reviewed for compliance and forwarded to the Martin County Investment Committee for consideration.  The anticipated formal action of the Martin County Board of Commissioners will be July 16, 2024.

Scope of Services

The proposing firm must fully understand all points of this Request for Proposals.  Proposals shall be submitted on corporate letterhead.  Response to all questions in the questionnaire is mandatory for acceptance of a Proposal.

The Martin County Investment Committee will evaluate proposals based on the needs of the County.  The following criteria will be used to evaluate all proposals.

  1. The proposing firm must have in-house Fixed Income Portfolio Managers to consult with the County Team during the phase-in period which may last for about three months and consume up to 90 hours;
  2. The current Investment Pool is approximately $30,000,000;
  3. The Investment Pool may not be invested in Mortgage Products, the Stock Market, Mutual Funds, or ETF’s;
  4. The County Investment Policy, along with 118A, MN Investment Law, will be available as soon as the Legislature completes this session, and we know what laws have been modified-est. 6/15/24;
  5. The State Auditor also reviews all investment decisions and publishes the results in the Martin County Audit with opinion;
  6. The County is planning on two separate Bond Issues during he last six months of 2024; the first as soon as possible-est. August and the second in November-December 2024;
  7. Fee for $30,000,000 Investment Pool;
  8. Form ADV fee __________% or reduced fee __________% or other;
  9. Does your firm have a Bloomberg Terminal in your Martin County Office;
  10. What kind of Portfolio Analytics Software does your firm use;
  11. Please list the Qualified Portfolio Managers that will be available to the Martin County Team;
  12. Which Custodian does your firm use;
  13. List of MN Counties and Cities that utilize your firm as Investment Advisor;
  14. All transactions must be competitive, no in-house underwriting or referral underwriting;
  15. Term of this agreement will be from date of approval to January 1, 2027.

Evaluation and Award

Martin County will choose the proposal that best fits its needs and the needs of the County.  The County is not obligated to award the contract based on cost alone.

No revisions to the original Proposals will be allowed by the proposing firms or their representatives between the period of Proposal submission and opening.

The Proposer(s) that are awarded the business shall submit properly executed contracts within thirty (30) days.

Initial proposals should be submitted with the most beneficial fee structure and service.  The County reserves the right to negotiate with any proposing firm(s) prior to recommending a firm.

Martin County reserves the right to reject any or all Proposals, waive formalities and to make the award, which best meets the needs of the County.  In addition, the County reserves the right, without liability, to cancel the award of any Proposal at any time before the execution of the agreement by all parties.  The County desires a long-term relationship for its Investment Program and will remain such, as long as cost and services are satisfactory.

The County also reserves the right to cancel or amend this RFP at any time.  Any changes in the status of the RFP will be brought to the attention of all parties that have received the same.

For all inquiries, please contact the County Coordinator’s Office at 507-238-3126 or email Scott Higgins, County Coordinator at scott.higgins@co.martin.mn.us

BY ORDER OF THE BOARD OF COMMISSIONERS
MARTIN COUNTY, MN

/s/ Kathy Smith, Board Chair
Dated this 4th day of June, 2024