Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Investments topic
No spam. Unsubscribe anytime.
Poulsbo approves new investment advisory agreement with Chandler Asset Management
Summary
Council approved an agreement with Chandler Asset Management to advise and manage the city's growing portfolio (now about $35M), increasing the annual advisory fee to about $20,000 after negotiation; council described the firm as a long-term partner following a competitive process.
Finance staff recommended approving an agreement with Chandler Asset Management to continue investment-advisory services for the city's portfolio. Staff described a competitive procurement and noted the portfolio has grown substantially: “Our now court portfolio has grown to about $35,000,000,” the presenter said while summarizing negotiating a flat fee structure to stabilize future costs.
Councilmembers who had participated in the interview process endorsed the firm's responsiveness and performance through lower-earning years and supported the adjustment in fees as reasonable compared with market alternatives. Council moved to approve the agreement and the motion carried; staff said the new annual management fee will be about $20,000, up from under $8,000 previously but competitive for the portfolio size.
