Investment Consulting Services

The vendor is required to provide investment consulting to general investment consulting services across all asset classes, periodic asset liability studies, and performance measurement services to its board of trustees and staff.
- Investment performance monitoring, reporting, analysis
•    Provide on-going monitoring and oversight reports for all of agency investment managers, including:
o    Advance notice to agency of in-person meeting with investment managers in the fund’s portfolio;
o    Analysis of the manager’s absolute and relative performance in relation to benchmarks, investment objectives, and peer groups, including analysis of ex- post risk-adjusted performance;
o    Analysis of attribution, holdings, style, and risk;
o    Conduct on-site investment and operational due diligence meetings with current investment managers a minimum of every three years;
o    Advice on manager retention and termination; and
o    Assist in developing a formal manager review process.
•    In providing performance measurement services for the fund, including all major asset classes recognized by agency as well as individual portfolios, the consultant will:
o    Prepare a written monthly report containing the calculated total return (gross and net of fees) for asset class, portfolio management styles, and individual portfolios, and compare agency calculated data with benchmarks determined by agency and with data for a similar population of funds by asset class and portfolio management styles for all of the public market portfolios and composites. returns should be calculated for the following time periods:
o    One-month, three-months, calendar year-to-date, 1-year, 3-year, 5-year, 10- year, 20-year, 25-year, 30-year, and since inception.
o    Prepare a quarterly written report containing performance measurement attribution and analysis for each asset class and individual portfolio. 
o    The report should include a historical return analysis, dollar-oriented analysis, return oriented (wealth relative) analysis, excess return analysis, and risk and return analysis. 
o    Returns should be calculated for the following time periods: quarter, calendar year-to-date, 1-year, 3-year, 5-year, 10-year, 20- year, 25-year, 30-year, and since inception.
•    Provide projected performance analysis reports upon request.
•    With regard to performance attribution, be able to explain to the board not only what the performance was, but why the performance occurred.
•    Recommend suitable investment opportunities and practical implementation methods; research supporting such recommendations must have been completed within the prior 12 months.
•    Provide research reports on asset allocation, investment issues, and provide description and evaluation of alternative approaches.
•    Provide information on market conditions and explain their impact on the fund’s Investments.
•    Reconcile performance with both individual portfolio managers as well as the sub- custodian bank on a monthly basis.
•    Create additional composites with historical returns for those composites as requested by agency.
•    Provide quarter, calendar year-to-date, 1-year, 3-year, 5-year, and 10-year quartile ranking report of composite returns by fund as well as manager composite returns (for all asset classes).
•    Provide reasonable assistance to agency in uploading the consultant’s performance data to agency own investment system(s). 
•    Prepare a ten-year chart, through the end of the reporting quarter, showing the growth of $10,000 for each fund compared to that fund’s benchmark, and the upside and downside market capture ratios.

- Contract Period/Term: 3 years