Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer-Tax Collector
Subject: Amendment to the Agreement with PFM Asset Management LLC to provide Investment Advisory Services
RECOMMENDATION:
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Adopt a resolution authorizing an amendment to the agreement with PFM Asset Management LLC to continue providing investment advisory services, extending the term of the agreement through June 30, 2027, and increasing the amount by $4,000,000 to an amount not to exceed $9,550,000.
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BACKGROUND:
In April 2019, the Treasurer's Office issued a Request for Proposal (RFP) for investment advisory services. The RFP was published on the Public Purchase website and the San Mateo County Treasurer's website. PFM Asset Management LLC ("PFMAM") met all required specifications and was selected as the most qualified bidder. On July 1, 2019 The San Mateo County Treasurer-Tax Collector's Office entered into an agreement with PFM Asset Management LLC in the amount of $2,550,000 to provide investment advisory services. Given the size of the County's portfolio, and to ensure the safety of pooled funds, it is prudent and in the best interest of the pool participants for the County to partner with an outside organization, like PFMAM, that specializes in managing public sector assets.
In alignment with the mission of the Treasurer's Office, to invest public funds ensuring maximum security while providing adequate liquidity to the pool participants, the Treasurer-Tax Collector is contracting with PFMAM to continue to partially manage the investment pool. The amount of assets under PFMAM's management will vary depending on the County's operational needs and cyclicality of cash flows.
DISCUSSION:
This resolution authorizes an amendment to the agreement with PFMAM to provide investment research and supervision of the managed funds, as well as to conduct a continuous program of investment, evaluatio...
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