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Resolution approving agreement with Dana Investments to manage a portion of the City’s investment portfolio
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WHEREAS, the City maintains an investment portfolio consisting of public funds that are invested in accordance with Wisconsin law and the City’s investment policies; and
WHEREAS, the Finance Department has identified an opportunity to complement the City’s existing investment strategy by engaging a professional investment manager to actively manage a portion of the portfolio in order to provide additional diversification and the potential for competitive risk-adjusted returns; and
WHEREAS, Dana Investments provides investment management services designed to preserve principal while providing consistent, risk-based returns; and
WHEREAS, the proposed agreement would allow Dana Investments to manage a portion of the City’s investment portfolio under a non-discretionary framework, subject to investment parameters established by the City; and
WHEREAS, the Finance Director and Finance staff will determine the amount to be invested and oversee the management of such funds in accordance with the City’s investment policies and applicable law.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that the appropriate City officials are hereby authorized to execute an agreement with Dana Investments for the management of a portion of the City’s investment portfolio, with the total amount invested to be determined by the Finance Department in accordance with the City’s investment authority and policies.
BE IT FURTHER RESOLVED that the Finance Department shall oversee and administer the agreement and investment allocation consistent with applicable laws and City policy.
By: Financial Affairs Committee
recommendation
Recommendation: Approve 7-0