The Charter Township of Orion is soliciting proposals from interested firms for the position of Investment Management Services for its general operating and proprietary funds. The average invested assets are approximately $36,000,000 (non-pension funds). The contract will be an “at will” contract for a period of one year from date of execution.
The Charter Township of Orion investments are controlled by Michigan Law, Public Act 20, and Orion the Township Investment Policy. Orion Township has a population of approximately 36,000 people and covers 6 square miles. It is governed by seven (7) Board of Trustees, with three (3) full time elected officials: Supervisor, Treasurer and Clerk and four (4) part-time elected Trustees. The Township investment policy is attached for your information.
Scope of Work
1. Manage/ advise approximately $36 million of operating/ proprietary funds (non-pension) in accordance with the Township’s investment parameters and in compliance with P. A. 20 as amended in conjunction with Township Treasurer and team.
2. Assist the Township with cash/flow/ maturity analysis to ensure portfolio structure matches Township objectives and capital projects including new/revamped Township Hall.
3. Provide accurate analysis of current investments in portfolio, improve its investment capabilities, evaluate market risk and develop strategies that minimize impact on the portfolio and establish appropriate benchmarks to maximize incremental income, improve investment capabilities while maintaining appropriate risk tolerances. (Safety, liquidity and yield- in that order).
4. Analyze and execute security purchases and/or sales with approved broker & dealers in accordance with investment policy.
5. Provide monthly reports which include detailed portfolio holdings including accrued interest, amortized cost security ratings and market values, transaction details, principal and interest payments, earnings, and investment portfolio summary statistics.
6. Provide quarterly investment reports including a description of market conditions, investment strategies employed, performance and suggested changes to investment strategy.
7. Review investment strategies and performance with the Township Treasurer and team on a quarterly basis which may include attending Township Board meeting (at least once annually).
8. Annually review the investment policy and provide written comments and recommended changes. Be aware of and communicate changes in pertinent regulations, rules, pronouncements and state or federal law that affect the Townships investment portfolio.
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