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South Bend investment manager reports $200M portfolio, council committee backs 2026 investment policy
Summary
At a committee meeting, Source Bank’s chief investment officer told South Bend officials the city’s $200 million portfolio earned about $9.1 million last year and will likely see lower yields if the Federal Reserve cuts rates; the Personal & Finance Committee voted to send the annual investment policy resolution (Bill 26-01) to the full council with a favorable recommendation.
Paul Gifford, chief investment officer for Source Bank, told the Board of Finance and the Personal & Finance Committee that the City of South Bend’s investment portfolio stood at about $200,000,000 in principal and paid “just over $9,100,000” in interest to the city over the last year. “We believe the U.S. economy is going to continue to grow,” Gifford said, and he added that he expects “interest rates will likely be lowered by the Federal Reserve later this year,” which would reduce short-term yields for the portfolio.
Gifford described the portfolio’s composition and recent…
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