The Will County Treasurer’s Office is seeking proposals from approved depositories interested in providing a managed investment product for a maximum of $10-million in the County’s Corporate Class C Fund. The County desires to contract with a firm registered with the Securities and Exchange Commission (SEC) under the Investment Advisor’s Act of 1940. The selected firm shall buy and sell investment securities on behalf of the County, provide proper custodial arrangements, and otherwise act as a portfolio manager and broker under the supervision of the Treasurer’s Office and in conformity with applicable Illinois law.

Minimum Requirements

The following are minimum requirements necessary for a qualified proposal.

  1. Proposing Institutions shall be approved Will County Depositories as of September 20, 2012.
  2. Proposing Institutions must meet requirements in the 2011 Will County Treasurer’s Investment Policy (Revised) for Authorized Financial Dealers and Institutions, Collateral Pledge Schedule, and Safekeeping of Collateral.
  3. Proposing Institutions must be registered with the Securities and Exchange Commission under the Investment Advisor’s Act of 1940.
  4. Proposing Institutions must have Errors & Omissions and Fiduciary Liability Insurance coverage of at least $10-million.
  5. Proposing Institutions must adhere to the Code of Professional and Ethical Standards as described by the CFA Institute.
  6. Proposing Institutions must have a minimum of five years of experience in managing fixed income assets for state and local governments.
  7. Proposing Institutions must currently manage domestic fixed income assets for public organizations. The firm’s own funds do not count as public funds.
  8. Proposing Institutions and its personnel must have all authorizations, permits, licenses, and certifications required by federal and state laws and regulations to perform the services specified in this Request for Proposal.
  9. Proposing Institutions must construct a Model Portfolio based upon a $10-million investment with an average duration between 3 and 5 years. The Model Portfolio should detail for each security the quantity, original face, description, type of security, coupon, maturity date, price, yield to maturity, yield to worst, modified duration, principal amount, and rating by at least two rating agencies.
  10. Proposing Institutions must restrict investment selection to investments authorized by the Public Funds Investment Act at 30 ILCS 235/2 and otherwise be familiar with applicable Illinois law with regard to qualified investments for public entities.
  11. Proposing Institutions must provide the fee schedule that would apply to this contract as well as a list of expenses not covered by fees.
  12. Proposing Institutions acknowledge the right of the Will County Treasurer to accept the proposal deemed most favorable to the interest of the taxpayers of the County of Will after all proposals have been examined and evaluated by the Will County Treasurer.

Scope of Service

Specific responsibilities of the Selected Institution will include, but not be limited to, the following:

  • The Selected Institution will serve as a portfolio manager under the supervision of the Will County Treasurer or his designee.
  • The Selected Institution will act as a fiduciary.
  • The Selected Institution will provide monthly, quarterly, and an annual investment reports as to performance, market conditions, and suggested changes to the strategy.
  • This agreement will be assigned to the Selected Institution for a maximum of three years with the Will County Treasurer reserving the right to review or rebid the agreement annually.

Required Information

Responses to this Request for Proposal should set forth the specific manner in with the Proposing Institution will satisfy each Minimum Requirement noted in this document. Please do so by responding in a narrative form. Proposing Institutions may include supplementary narrative describing the general conceptual approach to the delivery of specific services and any other information they believe relevant.

How to Propose

Please submit proposals in person or via E-Mail by the deadline to the following address:

Brian McDaniel, Chief Investment Officer

Will County Treasurer’s Office

302 North Chicago Street

Joliet, IL 60432


Please submit proposals by close of business on Noon Central Time on Tuesday, October 16, 2012.

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