The City of Charlotte is seeking proposals from qualified vendors to provide a comprehensive fixed income investment management solution that provides reporting, analysis and seamless integration with the City’s General Ledger system, Workday. The solution must support to the management, automate accounting workflows, and ensure compliance with regulatory and internal reporting requirements for the City’s $2.8B investment portfolio.
The City retains full ownership of all investment and transactional data. Vendors must describe how data ownership, access, portability, and extraction will be supported throughout the contract term and upon termination.
The City’s Finance Department is interested in seeking proposals for a Service Provider (or Service Providers) to support the City’s needs for Investment Custodian and Trustee Services with a multi-year agreement. The City’s investment and debt programs are managed by the Treasury Division of the Finance Department. The City’s Consolidated Investment Pool is part of its daily operations and is invested under North Carolina G.S.159-30 and 159-31. Investments in this portfolio are managed with the objectives of safety, liquidity and return, in that order and typically have daily settlement activity. These investments are executed by delivery vs. payment (DVP) and held by the third-party trust custodian.
The City is seeking one or more service providers to provide investment custodian and trustee services.
The primary role of the Investment Custodian Service Provider will be to provide trust custody accounts and safe-keeping services for the City’s Consolidated Investment Pool and the Long-Term Investment Program (LTIP). The City’s $2.5B Consolidated Investment Pool is part of its daily operations and is invested under North Carolina G.S. 159-30 and 159-31. The LTIP has a total market value of approximately $100M and is an investment program in which the City’s long-term capital reserves are invested under expanded investment authorization outlined in State Law G.S. 147-69.2(b)(1)-(6) and (8) to diversify investment assets of the City and provide a funding source for future Other Post-Employment Benefits (OPEB) obligations.
The primary role of the Trustee Services Provider will be to establish, hold, maintain and manage segregated trust accounts in accordance with bond documents and in compliance with federal tax law.
