Loading...
HomeMy WebLinkAboutDocumentation_Special Pension Public Safety_Tab 02_08/27/2008LISTING OF MONITOR/CONSULTANTS FOR RFP - AS OF MAY 6, 2008 Asset Strategy Consultants ATTN: Fran Coopersmith 1532 Old Okeechobee Road ,Suite 101 West Palm Beach, FL 33409 Coopersmith@assetstrategyconsultants.com Fiduciary Investment Advisors ATTN: Mark Wetzel 100 Norhtfield Drive Windsor, CT 06095 mwetzel@fiallc.com Asset Consulting Group, Inc.: 231 South Bemiston Avenue, 14th Floor St. Louis, MO 63105 webmaster@acgnet.com Bogdahn Consulting, LLC ATTN: Joseph Bogdahn 340 West Central Avenue, Suite 300 Winter Haven, FL 33880 joe@bogdahnconsulting.com Burgess Chambers & Associates, Inc. ATTN: Burgess Chambers 400 New York Avenue, Suite 200 Winter Haven, FL 32789 webmaster@burgesschambers.com Callan Associates, Inc. ATTN: John Krimmel ,CPA, CFA 300 Galleria Parkway Suite 950 Atlanta, GA 30339 krimmel@callan.com Consulting Services Group ATTN: Patrick Cox 6075 Poplar Avenue Suite 700 Memphis, TN 38119 pcox@csgllc.com Dahab Associates, Inc. ATTN: Gregory A. McNeillie 13 Main Street, Suite 76 Franklin, MA 02038 greg@dahab.com Dover Investment Consulting Group ATTN: Richard A. Campbell 16970-C San Carlos Boulevard PMB 299 Fort Myers, FL 33908 rich@dover-consulting.com Gray 8~ Company 7000 Peachtree-Dunwoody Road Building 5 Atlanta, GA 30328 Gregory W Group 15 West 6th Street Tulsa, OK 74119 Info@gregorywgroup.com Hammond Associates ATTN: Becky Oehmen 101 South Hanley Road 3rd Floor St. Louis, MO 63105 boehmen@hammondassociates.com Helios ATTN: Rudy Aguilera 390 Orange Avenue , 23rd Floor Orlando, FL 32801 rudy@ehelios.com PFM Group ATTN: Stephanie Rogers 2100 Ponce de Leon Boulevard ,Suite 1101 Miami, FL 33134 KALSON & ASSOCIATES ATTN: Grant D. Kalson 27 Blacksmith Road Suite 201 Newtown, PA 18940 GKalson@gkalson.com Lynx Investment Advisory, LLC ATTN: Peter J. Tanous ,President 1100 Connecticut Avenue, NW Washington, DC 20036 ptanous@lynxinvestment.com Wachovia Financial ATTN: Stephen Schott sschott@wachoviafinet.com Mellon Human Resources & Investor Solutions ATTN: Peter Gold 281 Tresser Boulevard, 6th Floor Stamford, CT 06901-3217 Peter.Gold@buckconsultants.com MILLIMAN ATTN: Carolyn Roberts 650 California Street 17th Floor San Francisco, CA 94108-2702 Carolyn.Roberts@milliman.com NTRS ATTN: Christopher Storkerson CS102@ntrs.com Morgan Stanley ATTN: Scott Glover c/o Benedict Grzesik benedict.f.grzesik@morganstanley.com Prime Buchholz ATTN: Sean Higman 25 Chestnut Street Portsmouth, NH 03801 seanh@primebuchholz.com R.V. KUHNS 8~ ASSOCIATES, INC. ATTN: Allison Grebe Lee ,Director of Business Development 1000 SW Broadway Suite 1680 Portland, OR 97205 allison.grebelee@rvkuhns.com SCHOTT GROUP INVESTMENT CONSULTING ATTN: William Matthew Brown 210 E. Main Street Suite 8 Harbor Springs, MI 49740 wmbcmb@msn.com Segal Advisors ATTN: Larry Marino 116 Huntington Avenue 8th Floor Boston, MA 02116 LMarino@segaladvisors.com Southeastern Advisory Services, Inc. ATTN: Jeff Swanson Ten Piedmont Center, Suite 302 Atlanta, GA 30305 jswanson@seadvisory.com Thistle Asset Consulting ATTN: John McCann 1321 Piazz Delle Pallottole Boynton Beach 33426 john.mccann@thistleasset.com VTL Associates ATTN: Diane M. Beahan One Commerce Square 2005 Market Street, Suite 2020 Philadelphia, PA 19103 Wilshire Associates Incorporated ATTN: David M. Kraemer ,Vice President 210 Sixth Avenue, Suite 3700 Pittsburgh, PA 15222 DKraemer@sm.wilshire.com [INSERT FUND NAMEJ REQUEST FOR PROPOSAL INVESTMENT MONITOR/ CONSULTANT The Board of Trustees for the [INSERT FUND NAME] is seeking proposals from qualified bidders to provide investment consulting services to the Plan. The Investment Monitor will be required to: a) Determine specific investment objectives and draft a Statement of Investment Policy for the Investment Manager(s). b) Evaluate the investment performance for the Investment Manager(s) of the Plan. c) Attend at least one meeting per quarter to present an investment performance report. The report shall include the rates of return for the total Pension Fund, as well as equity and fixed income portions of the Pension Fund, calculated according to the Bank American Institute method. d) Provide an annual database ranking for the total Pension Fund returns and comparisons to appropriate indices. The Consultant shall also provide this information for each Investment Manager. e) To be independent with no investment manager or broker-dealer affiliation. f) Acknowledge a fiduciary to the Pension Fund. The Board will select a provider on the basis of the submitted written proposal, as well as an oral presentation at the discretion of the Trustees. Such presentations shall only be scheduled with those individuals or firms whom the Trustees feel are best qualified to perform the required services. The Board reserves the right to withdraw this Request For Proposal at any time to protect its interests; the Board also reserves the right to reject any non-conforming or non- responsive proposals. The request and submittal of your proposal shall in no way be construed as an obligation on the part of the Board to provide you with compensation for your efforts to contract with your firm. However, all proposals shall be considered a binding and irrefutable offer for a period of one hundred twenty (120) days after the proposal date. The [INSERT NAME OF FUND] is a defined benefit pension plan for police officers and firefighters employed by the [INSERT MUNICIPALITY NAME], The Pension Fund is a governmental entity subject to both the Public Records and Sunshine Laws. The Board of Trustees consists of nine (9) members: The Mayor; two (2) members appointed by the City Commission; the Fire Chief or designee; the Police Chief or designee; two (2) firefighters elected by the firefighter members; and two (2) police officers elected by participating members of the Police Department. The Pension Fund currently employs five (5) institutional investment managers with approximately $105 million in assets. Specific R,~P 2,uestions QUALIFICATIONS In order to be considered a qualified bidder, an applicant must meet the following requirements: 1. Be an investment advisor registered with the Securities and Exchange Commission under the Investment Advisor's Act of 1940. The consultant shall also be a fiduciary to the Pension Fund in accordance with the provisions of Florida Statutes, Section 112.656. 2. Satisfy the definition of "professionally qualified independent consultant" set forth in Section 175.071 and185.06, Florida Statutes. 3. Provide services on a hard dollar basis. 4. Have no association with any money manager for the Pension Fund set forth in Section 1 (k). 5. Have no affiliation with abroker-dealer. 6. Have substantial experience with five or more years experience in performance measurement and at least three years of experience in the public sector. RESPONSIBILITIES In order to be considered a qualified bidder, an applicant must be able to provide the following services: 1. Provide a designated employee to regularly attend all quarterly investment meetings and any special meetings, as requested by the Board. The Board meets on the [INSERT BOARD MEETING SCHEDULE] 2. Evaluate the performance of any existing professional money manager and make recommendations to the Board regarding the selection of money managers for the next investment term. 3. Provide a review and analysis of rates of return and other pertinent data with respect to the investment portfolio of the Fund. Reports will be expected on a quarterly basis. The report shall detail the beginning and ending balance of each investment advisor's portfolio as designated by the Board, detailing the beginning value, the ending value, and the percentage rate of return. The quarterly report should also contain an analysis of the Fund as a whole, and separate analyses of common stocks, long-term fixed income, convertible securities, and sort-term investments. 4. Provide a continuing overview of the current investment environment with comments on the present investment strategy and recent performance. 5. Monitor the investments to make certain that they meet the investment policy as set by the Board. 6. Assist the Board in developing an investment policy, including manager selection and asset allocation. 7. Make calculations according to the American Banking Institute method of calculating time- weighted rates of return. All calculations must be made net of fees. 8. Reconcile and verify custodial trading confirmations with reports from the investment manager(s); arrange for quarterly reporting by the investment managers. 9. Coordinate with the Board's legal counsel on such legal matters as may arise from time to time. 10. Assist the actuary in the timely gathering of data for the required actuarial valuation. 11. Provide timely assistance to outside auditors for preparation of the annual financial statement. 12. Perform such other duties as the trustees may require. REPORTING REQUIREMENTS The applicant must be able to provide a quarterly report to include the following items: 1. The person who will deliver the report must have five or more years experience in performance measurement and three years of experience in the public sector. 2. The person who will deliver the analysis must have responsibility for the collection of necessary data and for report preparation. 3. The report must contain graphics illustrating the pertormance. 4. The report must contain written explanation of what each measure means. 5. The report should be delivered at least 8 days prior to the scheduled meeting. ALL SUBMISSIONS MUST CONTAIN THE FOLLOWING IN ORDER TO BE CONSIDERED: I. IDENTIFICATION OF THE BIDDER: a) The bidder's name, home office address, address of the office providing the services under the contract and telephone number for each. b) General description of the bidder, including size, number of employees, primary business, other business or services, type of organization (franchise, corporation, partnership, etc.) and other descriptive material. Include information on all business units and % of total of the bidder's income derived from each unit. c) Identify any business affiliations or other lines of business in which the bidder engages d) Describe any changes in the structure of the firm over the past five years, as well as any future changes currently planned or scheduled. e) List all key individuals responsible for the account. Indicate their names, titles, qualifications, number of years with the company, number of years in the position, total number of years in the industry, and years of experience in pertormance measurement in general, in the public sector, and with Florida public pension plans. f) List public employee retirement systems for which the individual who would be assigned to our account currently provides evaluation services, including system name and approximate value of investment portfolio. Also provide the address, telephone number, name and title of person(s) who may be contacted for reference. g) Please provide the accounts gained and lost for by your firm for investment consulting services over the last three years. Describe the reason for each loss. h) Provide a current copy of the bidder's form ADV Part II accompanied by a letter stating that the service the bidder intends to provide is the same service described in the form ADV Part II. This letter must be signed by a registered signatory for the firm. i) Include an affirmative statement that both the firm and the individual submitting this proposal will abide by and uphold 112 Florida Statutes and the Florida Administrative Code as they pertain to Performance Evaluators and the investment management of this fund. j) Describe the bidder's understanding of the work to be performed. k) Report the relationship, if any, to [INSERT MANAGER NAMES] I) Disclose any and all litigation involving the bidder and explain the nature of the litigation. II. GENERAL QUESTIONS: a) Briefly describe how you intend to service this account. What unique features of your plan services do you feel add the most value over time? b) List any additional services offered to the Plan under the fee schedule. c) What is your privacy policy with regard to sharing client or account information with a third party? d) Detail your firm's policies, procedures, data encryption, and technical measures to prevent unauthorized access or alteration, fraud, theft, misuse, or physical damage to hardware, software, communications networks, and data. e) Describe your company's system back-up, security and disaster recovery procedures. Are files archived and stored at an off-site location? If so, what is the location? Have procedures been tested? When did you last perform afull-scale disaster recovery test? f) Describe any other quality control systems in place at your firm. III. INVESTMENT QUESTIONS: a) Identify research that you purchase or generate internally when recommending investment managers to the Board. What criteria do your firm use to narrow the selection of managers? b) Identify the universe used to monitor and evaluate the managers. c) Describe other due diligence that your firm uses to evaluate current or potential managers. d) Describe the criteria or process that your firm uses to recommend replacement of a manager. IV. FIDUCIARY QUESTIONS: a) Does your firm, its affiliates, or the ultimate parent of the firm receive revenue, non-cash in-kind benefits, or similar perquisites from investment managers for consulting services or business functions provided, including, for example software sold, attendance at conferences, access to manager databases, or for any other reason? (Please specify type, source, and amount of revenue or such non-cash in-kind benefits, or perquisites.) b) Does your firm or any affiliates provide investment related products or services to both pension plan advisory clients and money managers? If so, please describe the services provided for money managers. c) Please describe your policies and procedures that ensure that the firm's advisory activities are insulated from any other business activities. d) Please describe your policies and procedures that ensure that all disclosures required to fulfill fiduciary obligations are provided to advisory clients. e) Please describe your policies and procedures to prevent/disclose conflicts of interest with respect to the use of brokerage commissions, gifts, gratuities, entertainment, contributions, donations and other emoluments provided to clients or received from money managers. e) Please describe any affiliations or business relationships with other pension consultants, consulting firms, investment management investigation companies or class action law firms. f) Please complete the attached SEC Consultant Questionnaire. V. FEES: a) Provide a complete schedule that details all the fees associated with your program, including any conversion fees, expenses, travel, and fees for additional services. b) Fees should be inclusive. No other charges will be allowed unless specifically authorized by the Trustees. List any or all possible fees or expenses by your firm associated with termination of the account as well. c) Fees should be quoted strictly on shard-dollar basis, payable after the report is presented and accepted by the Board. d) Please disclose any and all additional compensation of any kind and other economic value paid to the firm or individuals associated with the activities of the account. e) All fees must be guaranteed for a minimum of three years. VI. REQUIRED DOCUMENTS: a) All responses to this request for proposal must include copies of all documents to which you expect the Plan to be bound. b) Attach a copy of the bonding and/ or fiduciary liability insurance maintained by your firm, if any. c) Include your responses to the attached SEC Consultant Questionnaire. d) Include a copy of the most recently filed SEC Form ADV, Parts I and II, for your firm. e) Provide a sample report. VII. EVALUATION OF PROPOSALS: a) The Trustees may require an oral presentation by the proposer at a time and place scheduled by the Board. b) In evaluating the proposals, price will not be the sole factor. The Board may consider any factors it deems necessary and proper to determine the best value, including price, quality of services, response to this request and general reputation. The Board reserves the right to reject any or all proposals and to award all, part or none of this contract. c) If you have specific questions requiring an explanation of the content of these proposal specifications, submit a written request for interpretation or additional information to [INSERT CONTACT INFORMATION FOR QUESTIONS] d) Submit [INSERT NUMBER O COPIES] copies of your response for distribution, along with an electronic copy. All costs of preparation and presentation associated with the bid inquiry are the responsibility of the Bidder. e) If chosen, the Bidder will be required to acknowledge fiduciary responsibility to the Fund as part of the contract. f) The Board will not be liable for any costs incurred in preparation of proposals. DEADLINE FOR RESPONSE The Administrator must receive all proposals no later than 5:00 PM on Friday, September 15, 2006. Please send hard copies to: [INSERT LOCATION TO SEND RFP] Please forward the electronic copy to: [INSERT EMAIL ADDRESS]