Investment Management Services
| Location: | California |
|---|---|
| Posted: | May 29, 2026 |
| Due: | Jun 26, 2026 |
| Agency: | Friant Water Authority |
| Type of Government: | State & Local |
| Category: |
|
| Publication URL: | To access bid details, please log in. |
RFP - Investment Management Services
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Due Date - To allow sufficient time for Proposals, the Due Date is June 26, 2026 (though you are welcome to submit in advance of that date).
Please contact Wilson Orvis, Chief Financial Officer, ( worvis@friantwater.org ) if you have any questions.
Attachment Preview
REQUEST FOR PROPOSALS (RFP)
INVESTMENT MANAGEMENT SERVICES
ISSUE DATE: May 29, 2026
PROPOSAL DUE DATE: June 26, 2026
CONTACT:
Wilson Orvis, Chief Financial Officer, worvis@friantwater.org
Friant Water Authority | Request for Proposals - Investment Management Services
REQUEST FOR PROPOSALS FOR
INVESTMENT MANAGMENT SERVICES
The Friant Water Authority (FWA) is soliciting Proposals from interested firms to provide investment
management services. FWA has recently completed the first phase of the Middle Reach Capacity
Correction Project and is proceeding with the next phase of the project. As a result, it needs to
invest and manage approximately $35 million in funding to meet annual debt service obligations for
the first phase and will be receiving approximately $195 million of funding for the next phase of
construction. This is a substantial increase in available funds for FWA and FWA is issuing this
Request for Proposals to ensure that FWA optimizes the return from these funds while meeting the
other two primary objectives of safety and liquidity. The average daily balance of the investment
portfolio will decline over time as construction proceeds, but initially will be approximately $230
million, falling to approximately $35 million over a period of three years.
The investment of FWA’s funds is guided by applicable California statutes and FWA’s Investment
Policy. The Investment Policy will be revised to allow additional investments consistent with State
statutes. A copy of the current Investment Policy is attached for your information. The selected
respondent(s) will be consulted regarding changes needed to the Investment Policy.
I. BACKGROUND
FWA is a joint powers authority created for the purpose of operating and maintaining the Friant-Kern
Canal, (FKC), a component of the U.S. Bureau of Reclamation Central Valley Project, located in the
southern San Joaquin Valley of California. As a joint powers authority, the Authority operates and
maintains the Friant-Kern Canal on behalf of the U.S. Bureau of Reclamation pursuant to a
transferred works agreement. FWA also works to preserve and enhance water supplies and water
rights for contractors of the Friant Division of the Central Valley Project, regularly coordinates with
the California Department of Water Resources and other state and federal agencies on water supply
issues and provides advocacy on state and federal water-related legislation and regulations. Under
the terms of a transferred works agreement, the FWA allocates the operations, maintenance, and
replacement (OM&R) costs to Friant Division water contractors. Separately, General Membership
activities are funded through separate allocations to its members. The FWA board is comprised of
twenty-three appointed representatives, one from each member agency.
FWA has managed its own investments, which are distributed between the Local Agency Investment
Fund (LAIF), California Asset Management Program (CAMP), and its commercial bank. FWA
anticipates receiving a significant amount of funding from the Bureau of Reclamation to fund major
construction work on the FKC, including pump stations along the canal. This agreement is expected
to transfer around $195 million and will be expended over the next two to three years. In addition,
FWA expects to maintain around $30 to $40 million of investable funds for the next five to 10 years,
which is in addition to its operating funds.
As such, FWA is seeking professional investment management to meet its goals of safety, liquidity
and yield.
Questions regarding this RFP should be directed to:
Wilson Orvis, Chief Financial Officer
Friant Water Authority
Wilson.orvis@friantwater.org
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Friant Water Authority | Request for Proposals - Investment Management Services
II. SELECTION CRITERIA
A. Understanding the scope
B. Experience and qualifications of firm and individuals assigned.
C. Recommended approach to management of the FWA’s portfolio, including customer service,
reporting and responsiveness.
D. Familiarity with state and federal investment and reporting requirements.
E. Fees.
III. SELECTION TIMETABLE
June 26, 2026
Date
July 2026
July 27 – 30, 2026
Event
Proposals due by 5:00 pm PST
Proposal evaluation, interviews scheduled (as
needed)
Committee and Board consideration and action
IV. PROPOSAL FORMAT
Proposals must be no more than 15 pages, exclusive of appendices, and be submitted in the following
format:
A. Cover letter summarizing the firm’s qualifications and proposal, signed by a representative that can
bind the firm.
B. Firm Organization
i. Describe your organization, date founded, ownership and other business affiliations. Provide
number and location of affiliated offices. Specify the number of years your organization has
provided investment management services.
ii. Describe your firm’s revenue sources (e.g., investment management, institutional research, etc.)
and comment on your firm’s financial condition.
iii. Describe any significant developments in the organization that have occurred in the past three
years (e.g., changes in ownership, new business ventures)? Please identify any other changes
expected in the next two years.
iv. Describe any U.S. Securities and Exchange Commission (SEC) censures or litigation involving
your organization, any officer, or employee at any time.
v. Identify the types of accounts managed by your firm (e.g., government, pension, corporate, high
net worth, endowment/foundation, etc.)
vi. Describe the firm’s fiduciary liability and/or errors and omissions insurance coverage. Include
dollar amount of coverage.
C. Personnel
i. Identify the number of professionals employed by your firm by classification.
ii. Provide an organization chart showing function, positions, and titles of the investment
professionals in your organization.
iii. Provide biographical information/resumes for the investment professionals that will be involved in
the decision-making process for FWA’s portfolio, including number of years at your firm. Identify
the individual(s) who will be the primary portfolio manager and relationship manager assigned to
the account.
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Friant Water Authority | Request for Proposals - Investment Management Services
iv. Describe your firm’s compensation policies for investment professionals.
D. Assets Under Management
i. Summarize your institutional investment management asset totals by category for your latest
reporting period in the following table:
Category
Governmental
Institutional
Market Value
$____________
$____________
Percent of Assets
______%
______%
ii. Provide the number of separate accounts whose portfolios consist of operating funds and
construction funds.
iii. List in the following table the market value and percentage by market value of aggregate assets
under management for your latest reporting period:
Type of Asset
U.S. Treasuries
U.S. Agencies
Commercial Paper
Repurchase Agreements
Corporate Securities Rated AA or
Better
Corporate Securities Rated A
Other
Market Value
$____________
$____________
$____________
$____________
$____________
$____________
$____________
Percent of Assets
______%
______%
______%
______%
______%
______%
______%
iv. Describe the procedures that your firm has in place to address the potential or actual credit
downgrade of an issuer and to disclose and advise a client of the situation, including proposed
actions to address the situation.
v. Provide data on account/asset growth over the past three years. Indicate the number of
accounts gained and the number of accounts lost.
vi. List your five largest public agency clients. Identify those that are exclusively operating fund
relationships and/or those that are other relationships (e.g., bond fund, construction funds,
retirement fund, etc.)
vii. Provide a copy of the firm’s Form ADV, Parts I and II (including all schedules).
viii. Provide proof of State of California Registration, if your firm is not eligible for SEC registration.
ix. Provide a sample contract for services.
E. Philosophy/Approach
i. Describe your firm’s investment philosophy for public clients, including your firm’s philosophy
regarding average duration, maturity, investment types, credit quality, and yield.
ii. Describe in detail your investment process, as you would apply it to FWA’s portfolio.
iii. What are the primary strategies for adding value to portfolios (e.g., market timing, credit
research, trading, etc.)?
iv. Describe the process you would recommend for establishing the investment objectives and
constraints for this account.
v. Do you have or would you recommend policy restrictions with respect to maturity, sector, quality,
and coupon beyond those included in state statute?
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Friant Water Authority | Request for Proposals - Investment Management Services
vi. Describe in detail your process of credit risk management, including how you analyze credit
quality, monitor credits on an ongoing basis, and will report credit decisions to FWA.
vii. Describe your firm’s trading methodology.
viii. Describe your firm’s decision-making process in terms of structure, committees, membership,
meeting frequency, responsibilities, integration of research ideas, and portfolio management.
ix. Describe your research capabilities as they would pertain to FWA’s portfolio. What types of
technical analysis do you use?
x. Describe the firm’s approach to managing relationships with the broker-dealer community.
F. Portfolio Management
i. Are portfolios managed by teams or one individual?
ii. What is the average number of accounts handled per manager?
iii. Which professional staff member will be the primary client contact for FWA?
iv. How frequently do you propose meeting with FWA (meetings can be conducted remotely and/or
in person)?
v. Describe procedures used to ensure that portfolios comply with client investment objectives,
policies, and bond resolutions. How often does your firm review portfolios to ensure compliance
with investment policies and state statutes?
G. Fees
i. Please include a copy of your firm’s fee schedule applicable to this RFP.
ii. Identify any expenses that would not be covered through this fee structure and would be
required in order to implement the firm’s program.
iii. Is there a minimum annual fee?
iv. Please provide a statement of fees for any additional services.
H. Performance Reporting
i. Please describe how you typically report performance.
ii. Please provide performance history for the past five years for three of your current public agency
accounts comprised of securities with maturities, quality and sectors like those of FWA. Indicate
whether your returns are calculated and compiled in accordance with the GIPS standards. If not,
how does the performance presentation differ from GIPS standards?
iii. Do your reports conform to State reporting standards?
iv. How will you notify us of investment transactions? Are confirmation of investment transactions
sent directly by the broker/dealer to the client?
I. References
Provide four public agency client references in California. References should be public agencies with
portfolio size and investment objectives similar to FWA. Include length of time managing the assets,
agency name, contact name, email and phone number.
J. Insurance Requirements
The selected firm will be required to maintain adequate insurance coverage for the duration of the
engagement, including at minimum professional liability (errors and omissions), cyber liability, and
workers’ compensation. Specific coverage types, minimum limits, and endorsement requirements will be
set forth in the agreement executed with the selected firm and must be satisfactory to FWA prior to
commencement of services.
Evidence of required insurance shall be provided before work begins. Failure to obtain and maintain
required coverage shall constitute grounds for termination of the agreement.
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