- I Need To…
Will County Treasurer Steve Weber announced today that his office has selected Great Lakes Advisors to manage a $10-million portfolio. Great Lakes is a subsidiary of of Rosemont, Illinois.
Under the three-year agreement, Great Lakes will buy and sell investment on behalf of the county, provide custodial arrangements, and otherwise act as a portfolio manager under the supervision of the Treasurer’s Office.
“This was one of the most popular opportunities we have had since I became Treasurer,” said Weber, “We received eleven responses to our request for proposals. Great Lakes’ proposal was both impressive and a good deal for county taxpayers.”
“Great Lakes Advisors is excited to partner with the Treasurer’s Office and offer our fixed income solutions for the Reserve Fund,” said Tom Kiley, CEO of Great Lakes, “We seek to manage risk while providing competitive returns for our strategic partners.”
The County’s Rainy Day Reserve
Since being elected County Treasurer in 2010, Steve Weber has taken a more pro-active approach to the county’s $350-million cash holdings. When the county collects, the Treasurer’s Office structures investments for months when the county receives no property tax payments.
Now in the second year of this “ladder” structure, the Treasurer’s Office has built a reserve to cover unexpected expenses. It does not mean the county has more money than is necessary to operate, it means the Treasurer’s Office has cash to match a budgetary reserve maintained by the County’s Finance Department.
“We view this investment as a rainy day reserve,” said Weber, “Rather than put money in a piggy bank and earn nothing, we invest it. In the long-term, we will lower the cost of county government.”
Using this strategy, the Will County Treasurer’s Office earned $910,000 in interest as of September 13, 2012; twice theprojection for 2012.
About Great Lakes Advisors
Great Lakes Advisors is a subsidiary of Wintrust Financial Corporation (NASDAQ: WTFC), a diversified financial holding company based in Rosemont, Illinois. Wintrust provides traditional community services, primarily in the Chicago metropolitan area and southeastern Wisconsin. In Will County, Wintrust provides banking services as Old Plank Trail Community Bank.
About the Will County Treasurer’s Office
The Will County Treasurer’s Office receives tax revenue and other public money, safely keeps those funds, and disburses that money pursuant to law. The office also provides guidance for the management of long-term debt and investments with the assistance of the Will County Board’s Finance Committee and the County’s Director of Finance.
As County Treasurer, Steve Weber (R-Mokena) is dedicated to providing reliable banking services for county agencies, secure investment of your tax dollars, and trustworthy accounting services that provide transparency for county residents. The office has a professional staff of 20 employees.