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HomeMy WebLinkAboutItem 8.4 Comprehensive Investment Servicesor 19 82 /ii � 111 DATE: TO: FROM: SUBJECT STAFF REPORT CITY COUNCIL August 20, 2013 Honorable Mayor and City Councilmembers Joni Pattillo City Manager""' CITY CLERK File #600 -30 Approval of Contract with Chandler Asset Management for Investment Services Prepared by Colleen Tribby, Director of Administrative Services EXECUTIVE SUMMARY: The City of Dublin's investment portfolio of roughly $149 million is currently managed primarily by the staff in the Administrative Services Department. Of that amount, approximately $60 million is currently invested in two locally pooled money accounts that allow for immediate liquidity and sustain the cash flow for City operations. In order to maximize interest earnings while maintaining an appropriate level of risk and diversity, Staff believes it would be beneficial to engage Chandler Asset Management in a three -year comprehensive investment services contract. FINANCIAL IMPACT: The cost of the contract, which is tiered according to the total value of assets that would be under Chandler's direct management, is estimated at $80,000 per year, based on the current portfolio. While new interest earnings are likely to cover this cost on an on -going basis, neither the expense nor the revenue was budgeted for in FY 2013 -14. Approval of the contract would result in a budget amendment in the Administrative Services Department budget; the revenue budget would be adjusted later in the year as interest income changes. RECOMMENDATION: Staff recommends that the City Council adopt Resolution authorizing the City Manager to execute an agreement with Chandler Asset Management to provide investment management services; and approve the budget change adding $80,000 to the FY 2013 -14 Administrative Services Department budget. 4 r Submitted By Administrative Services Director Reviewed By Assistant City Manager Page 1 of 3 ITEM NO. 8.4 DESCRIPTION: The City's investment portfolio has historically been managed internally by City Staff, with reports being provided to the City Council on portfolio structure, earnings, and activity on a quarterly basis. The reports also typically include a brief overview of the performance of the market as whole, in order to provide context for the City's earnings. The primary reason for engaging an asset management firm at this time is to take advantage of the expertise of full -time investment specialists, who can bundle purchases with other portfolios for economies of scale, can manage the exposure to riskier investments while maximizing returns, and who can balance the portfolio with different levels of diversity appropriate to a changing market environment. On July 11, 2013, Staff issued a Request for Proposals (RFP) for investment management services, and received responses from four firms. These proposals were reviewed by three staff members and ranked according to the selection criteria outlined in the RFP. The two top- scoring firms, Chandler Asset Management and PFM Asset Management Group, were competitive in terms of credentials, proposed approach, and fee structure, but it was ultimately agreed that Chandler would be the most appropriate fit for the City of Dublin's portfolio size, reporting needs, and customer service expectations. Staff received support from the City Manager in this selection. Chandler's approach will focus on safety and liquidity of investments, with yield being an important but secondary factor, and will comply with State law as well as the guidelines set in the City's own investment policy. In addition to managing the portfolio, Chandler will review the City's annual Statement of Investment Policy and recommend changes where appropriate, will assist with cash flow analysis, and will provide thorough and transparent reports on a monthly and quarterly basis. In order to maximize the efficiency of transactions, the contract would be structured to give Chandler full discretion to make transactions which will allow their investment team to take advantage of purchases in a timely manner, rather than waiting for the City to confirm them on an individual basis. As mentioned in the Fiscal Impact section above, the estimated fee in 2013 -14 for Chandler's service is $80,000. This is based on a tiered assessment according to the total assets under Chandler's direct management, which excludes any amounts the City has invested with the locally- managed pools. The fee structure is as follows: ten (10) basis points on assets up to $25 million; eight (8) basis points for $25 -50 million; and seven (7) basis points for assets above $50 million. Therefore, for the $100 million in approximate assets Chandler would manage, the fee would be calculated at a blended rate of eight (8) basis points (.08 of 1%), or $80,000. An overview of Chandler and its general investment strategy and process (Attachment 2) is provided with this staff report. This report also includes a sample monthly client update (Attachment 3) and a section from a sample quarterly update (Attachment 4). In reality the quarterly report is much more robust than the sample provided here, as it includes an update on the state of the economy, as well as listings and performance of individual holdings. Staff has included (Attachment 5) the requested budget change for Chandler's services. Page 2 of 3 NOTICING REQUIREMENTS /PUBLIC OUTREACH: None. ATTACHMENTS: 1. Resolution Authorizing City Manager to Execute Contract with Chandler Asset Management 2. Chandler Asset Management Firm 3. Sample of Monthly Client Report 4. Sample of Quarterly Client Report, 5. Budget Change Form Page 3 of 3 Overview Section 2: Account Profile RESOLUTION NO. xx - 13 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT WITH CHANDLER ASSET MANAGEMENT TO PROVIDE INVESTMENT MANAGEMENT SERVICES WHEREAS, the City desires to engage a professional investment management firm with the technical expertise to develop and implement a sophisticated investment strategy; and WHEREAS, best practices in municipal finance recommend that investments be made with judgment and care, considering the probable safety of assets as well as the probable income to be derived ; and WHEREAS, the City Staff issued a Request for Proposals to provide investment services and received four responses; and WHEREAS, City Staff evaluated the responses and determined that the proposed scope of work and approach to the provision of investment management services and preparation of investment reports presented by Chandler Asset Management most closely related to the City's needs; and WHEREAS, Chandler Asset Management has specializes in and has extensive experience in public agency investing; and WHEREAS, Chandler Asset Management proposed a three-year contract with annual options to extend, with a proposed estimated fee in the first year of eight (8) basis points (.08 of 1%) on $100,000,000 in total asset valuation under Chandler's direct management; and WHEREAS, the first contract year is estimated at $80,000, based on $100,000,000 of asset valuation under Chandler's direct management; NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does hereby authorize the City Manager to execute the agreement with Chandler Asset Management to provide comprehensive investment management services in a contract amount estimated at $80,000 for the first year. PASSED, APPROVED AND ADOPTED this 20th day of August, 2013, by the following vote: AYES: NOES: ABSENT: ABSTAIN: ATTACHMENT 1 Mayor ATTEST: City Clerk ATTACHMENT 1 II1U1kkV41;UXVA,1111VAI VAYi Chandler Asset Management, founded in 1988 and based in San Diego, California, specializes in managing portfolios for public entities. Investment grade fixed income Custom tailored portfolios 100% owned by employees $6.6 billion in assets under management Kay Chandler, CFA President Marlin Cassell, CFA CEO, Chief Investment Officer Nicole Dragoo, JD COO, Chief Compliance Officer Ted Piorkowski, CFA SVP, Portfolio Manager Jayson Schmitt, CFA SVP, Portfolio Manager William Dennehy II, CFA SVP, Portfolio Manager Ned Connolly SVP, Client Service Mia Corral VP, Client Service Andy Jeremi VP, Client Service FIRST QUARTER 2013 Specialists in Public Agency Investing Public Agency 75% ,orporate 1% Discretionary or non discretionary investment of Operating Funds Capital Funds Bond Proceeds Post Employment Benefit Trusts ° Investment policy review Non- Profit 19 %. IndividUalS 5`% Complete and timely portfolio accounting and reporting El Client education ki Assistance with cash flow forecasting ° Consulting on all aspects of the investment program Attentive client service Chandler's investment strategy seeks to add value through a disciplined quantitative and qualitative process. Chandler's approach includes four key components: Managing interest rate risk " Implementing sector allocation shifts to capture relative value changes " Adjusting portfolio term structure to capture value from yield curve changes " Selecting securities based on a rigorous process of credit analysis Our goal is to generate consistent returns throughout market cycles through disciplined focus on capital preservation and risk management. Chandler employs a team approach to developing portfolio structure. A proprietary quantitative Horizon Analysis Model (the Model) develops the "Optimal Portfolio "; that is, the portfolio structure that we believe has the greatest incremental expected return, relative to the performance benchmark, in each of the nine projected horizon scenarios. " The Model considers current interest rates and market conditions I'l The team incorporates specific client requirements, such as cash flow requirements and policy constraints, into the Model " The Model generates a portfolio structure that achieves the greatest possible incremental expected return relative to the client's portfolio benchmark "' Portfolio managers conduct qualitative reviews of Model recommendations and may adjust Model output based on their experience and judgment If The team reviews portfolios for rebalancing on a monthly basis Chandler's proprietary credit analysis model uses both internal and external credit research to evaluate securities in the investable universe (Treasury, agency, and investment grade U.S. corporate bonds). SAMPLEPORTIF0110S ?' All investments contain risk and may lose value. Fixed income investments are subject to interest, credit, and market risk. Interest rate risk: the value of fixed in- come investments will decline as interest rates rise. Credit risk: the possibility that the borrower may not be able to repay interest and principal. Low rated bonds generally have to pay higher interest rates to attract investors willing to take on greater risk. Market risk: the bond market in general could decline due to economic conditions, especially during periods of rising interest rates. Information provided as of March 31, 2013. •- INVESTMENT STYLE DURATION (AGCORDINGTO •• CUSTOM CASH 0.0 -0.5 TREASURY, AGENCY, CORPORATE ULTRA SHORT ; 1.0 TREASURY, AGENCY, CORPORATE LIMITED MATURITY � 1.9 TREASURY, AGENCY, CORPORATE SHORT TERM � 2.5 TREASURY, AGENCY, CORPORATE INTERMEDIATE � 3.5 TREASURY, AGENCY, CORPORATE MULTI -ASSET CLASS, INCLUDING EQUITIES OPEB AND BONDS AS APPROPRIATE All investments contain risk and may lose value. Fixed income investments are subject to interest, credit, and market risk. 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As Presented at the City Council Meeting on: #################(Finance Use Only)################# Posted By: City Council Minutes Excerpt Attached Reviewed By: Date: 8/20/13 Date: ATTACHMENT 1