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ITEM 20
City Council Memorandum Management Services Memo No. N/A
Date:
December 5, 2022
To:
Mayor and Council
Thru:
Joshua H. Wright, City Manager
Dawn Lang, Deputy City Manager - CFO
From:
Kristi Smith, Financial Services Officer
Subject:
Agreement No. 4399, Amendment No. 1, for Investment Management Services
Proposed Motion:
Move City Council approve Agreement No. 4399, Amendment No. 1, with PFM Asset Management, LLC, and Allspring Global Investments, LLC, for investment management services, for a one-year term beginning January 1, 2023, through December 31, 2023.
Background/Discussion:
The City engages two investment management firms to invest City funds that are not immediately expended. Each firm manages approximately half of the City's portfolio. The firms invest according to the City's investment policies to ensure safety, liquidity, and yield objectives and maintain conformance with Arizona Revised Statutes. City staff meets quarterly with investment managers to review the performance of the portfolios, discuss short and long-term investment strategies and review cash flow projects. Both PFM Asset Management and Allspring Global Investments (formerly Wells Cap) have been the City's investment managers since 2005, and staff is pleased with the continued high level of customer service and online reporting services.
Evaluation:
On December 9, 2021, City Council approved agreements with PFM Asset Management, LLC, and Allspring Global Investments, LLC, for investment management services, for a one-year period, with the option of up to four one-year extensions. The Contractors have agreed to extend at the same terms, conditions and pricing for the term of January 1, 2023, through December 31, 2023.
Financial Implications:
Fees charged by both PFM Asset Management and Allspring Global Investments are netted against the investment income earned on City assets.
Attachments
Allspring Agreement
PFM Agreement
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