Town of Bluffton Sealed Solicitation
Title: Investment Advisory Services - RFP
Deadline: 3/28/2023 2:00 PM (UTC-05:00) Eastern Time (US & Canada)
Status: Awarded
Solicitation Number: 2023-18
Description: The Town of Bluffton, South Carolina (Town) is seeking proposals from SEC-registered firms with past, proven, positive experiences serving in a fiduciary capacity for non-discretionary financial advisory services for a short-term and medium-term investment portfolio under a fixed price contract. The Advisor will be required to recommend investment management, procedural changes, investment selection and disposition in accordance with the laws of South Carolina and the Town of Bluffton policies and procedures. The target start date for performing these services is April, 2023.
Documents:
| Documents as of 2/23/2023 |
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Addition 1
Posted: 2/27/2023
Type of Addition: Addendum 1
Overview: Questions and answers submitted thus far. The period to ask questions shall remain open until 2:00pm on 3/14/2023.
Documents:
Addition 2
Posted: 3/21/2023
Type of Addition: Addendum 2
Overview: Additional question and answer.
Documents:
Addition 3
Posted: 3/28/2023
Type of Addition: In Review
Addition 4
Posted: 11/1/2023
Type of Addition: Award Information
Overview: One bid from First Citizens received and one "no bid" letter from Southeast Asset Advisors received. After interviews and Q&A, First Citizens received the award.
Question 1
Posted: 2/23/2023
Question: Could you let us know how much of the Town's portfolio it plans to outsource? Could you share a recent investment report? Thanks for the opportunity to participate in this process.
Response: See Addendum 1.
Question 2
Posted: 2/24/2023
Question: What is the size and asset allocation of the short-term investment portfolio? What is the size and asset allocation of the medium-term portfolio?
Response: See Addendum 1.
Question 3
Posted: 2/24/2023
Question: Which firm is currently providing investment advisory services?
Response: See Addendum 1.
Question 4
Posted: 2/24/2023
Question: What is the function of each investment portfolio? What will the funds be used for?
Response: See Addendum 1.
Question 5
Posted: 2/24/2023
Question: Which managers provide services for each portfolio?
Response: See Addendum 1.
Question 6
Posted: 2/24/2023
Question: Greetings - My name is Edward Johnson - Managing Partner @ Southeast Asset Advisors (SEC Registered Investment Advisory Firm). Might I be able to have a brief call to review 1) Scope of services under "short term / medium term " portfolio needs 2) Current dollar amount Town of Bluffton currently has invested. Thanks and please call or email. Edward Johnson (ejohnson@assetadvisor.com) 912 655 1430
Response: See Addendum 1.
Question 7
Posted: 2/28/2023
Question: 1. What is the amount of assets you are looking to have managed? 2. Define duration of "Short-Term" assets 3. Define duration of "Medium-Term" assets 4. How much assets are you going to have invested in the Short-term & Medium portfolios? 5. Do you have any specific liquidity needs for any of the assets? 6. Do have a reason you are wanting a non-discretionary vs. discretionary investment advisor? 7. Are any of these assets that will be invested from bond proceeds?
Response: We have already responded to this question. Please see the public solicitation.
Question 8
Posted: 2/28/2023
Question: 1. Do you currently have assets in the South Carolina LGIP? If so how much 2. Do you currently have any other investment advisor managing assets for you? If so how much
Response: We have already responded to this question. Please see the public solicitation.
Question 9
Posted: 3/7/2023
Question: Define duration of "Short-Term" assets
Response: See Addendum 2.
Question 10
Posted: 3/7/2023
Question: Define duration of "Medium-Term" assets
Response: See Addendum 2.
Question 11
Posted: 3/7/2023
Question: How much assets are you going to have invested in the Short-term & Medium portfolios?
Response: See Addendum 2.
Question 12
Posted: 3/7/2023
Question: Do you have any specific liquidity needs for any of the assets?
Response: See Addendum 2.
Question 13
Posted: 3/7/2023
Question: Do have a reason you are wanting a non-discretionary vs. discretionary investment advisor?
Response: See Addendum 2.
Question 14
Posted: 3/7/2023
Question: Are any of these assets that will be invested from bond proceeds?
Response: See Addendum 2.
Posted: 2/27/2023
Type of Addition: Addendum 1
Overview: Questions and answers submitted thus far. The period to ask questions shall remain open until 2:00pm on 3/14/2023.
Documents:
Posted: 3/21/2023
Type of Addition: Addendum 2
Overview: Additional question and answer.
Documents:
Posted: 3/28/2023
Type of Addition: In Review
Posted: 11/1/2023
Type of Addition: Award Information
Overview: One bid from First Citizens received and one "no bid" letter from Southeast Asset Advisors received. After interviews and Q&A, First Citizens received the award.
Posted: 2/23/2023
Question: Could you let us know how much of the Town's portfolio it plans to outsource? Could you share a recent investment report? Thanks for the opportunity to participate in this process.
Response: See Addendum 1.
Posted: 2/24/2023
Question: What is the size and asset allocation of the short-term investment portfolio? What is the size and asset allocation of the medium-term portfolio?
Response: See Addendum 1.
Posted: 2/24/2023
Question: Which firm is currently providing investment advisory services?
Response: See Addendum 1.
Posted: 2/24/2023
Question: What is the function of each investment portfolio? What will the funds be used for?
Response: See Addendum 1.
Posted: 2/24/2023
Question: Which managers provide services for each portfolio?
Response: See Addendum 1.
Posted: 2/24/2023
Question: Greetings - My name is Edward Johnson - Managing Partner @ Southeast Asset Advisors (SEC Registered Investment Advisory Firm). Might I be able to have a brief call to review 1) Scope of services under "short term / medium term " portfolio needs 2) Current dollar amount Town of Bluffton currently has invested. Thanks and please call or email. Edward Johnson (ejohnson@assetadvisor.com) 912 655 1430
Response: See Addendum 1.
Posted: 2/28/2023
Question: 1. What is the amount of assets you are looking to have managed? 2. Define duration of "Short-Term" assets 3. Define duration of "Medium-Term" assets 4. How much assets are you going to have invested in the Short-term & Medium portfolios? 5. Do you have any specific liquidity needs for any of the assets? 6. Do have a reason you are wanting a non-discretionary vs. discretionary investment advisor? 7. Are any of these assets that will be invested from bond proceeds?
Response: We have already responded to this question. Please see the public solicitation.
Posted: 2/28/2023
Question: 1. Do you currently have assets in the South Carolina LGIP? If so how much 2. Do you currently have any other investment advisor managing assets for you? If so how much
Response: We have already responded to this question. Please see the public solicitation.
Posted: 3/7/2023
Question: Define duration of "Short-Term" assets
Response: See Addendum 2.
Posted: 3/7/2023
Question: Define duration of "Medium-Term" assets
Response: See Addendum 2.
Posted: 3/7/2023
Question: How much assets are you going to have invested in the Short-term & Medium portfolios?
Response: See Addendum 2.
Posted: 3/7/2023
Question: Do you have any specific liquidity needs for any of the assets?
Response: See Addendum 2.
Posted: 3/7/2023
Question: Do have a reason you are wanting a non-discretionary vs. discretionary investment advisor?
Response: See Addendum 2.
Posted: 3/7/2023
Question: Are any of these assets that will be invested from bond proceeds?
Response: See Addendum 2.