Request for Proposal: Investment Management and Advisory Services

Location:	Connecticut
Posted:	Jun 1, 2026
Due:	Jul 15, 2026
Agency:	Town of Coventry
Type of Government:	State & Local
Category:	R - Professional, Administrative and Management Support Services
Publication URL:	To access bid details, please log in.

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Town of Coventry

Request for Proposal

Investment Management and Advisory Services –

Municipal Pension Plan

Attn: This is not a request for bids and the Town reserves the right to negotiate and

contract with anyone or no one in the best interests of the Town of Coventry

1. Purpose of the Request for Proposals

The Town of Coventry, Connecticut (“Town”) is seeking proposals from qualified investment

advisory firms to provide professional investment management and/or advisory services for the

Town’s municipal pension assets.

The Coventry Pension Committee is responsible for oversight of the pension assets and seeks a firm

capable of assisting the Committee in fulfilling its fiduciary responsibilities while prudently

managing pension assets for long-term sustainability.

2. Background

The Town of Coventry maintains pension assets intended to meet retirement obligations for eligible

municipal employees. Oversight of these assets is provided by the Coventry Pension Committee.

The Committee is responsible for:

• Establishing and reviewing the Investment Policy Statement

• Selecting and overseeing investment managers

• Monitoring portfolio performance and risk

• Ensuring fiduciary compliance

The Committee seeks a firm with demonstrated experience managing institutional assets,

particularly municipal pension plans or other public-sector investment pools.

3. Scope of Services

The selected firm will provide investment management and/or advisory services for plan assets

totaling approximately $14M, which may include:

Investment Management

• Portfolio construction and asset allocation

• Security selection and implementation

• Ongoing monitoring and portfolio rebalancing

Advisory Services

• Strategic asset allocation guidance

• Investment policy support

• Capital market assumptions and outlook

Performance Monitoring

• Quarterly performance reporting

• Benchmark comparisons

• Risk and attribution analysis

Committee Support

• Attendance at Pension Committee meetings as requested

• Educational presentations for committee members

• Ongoing communication with Town officials

4. Minimum Qualifications

To be considered, respondents must meet the following minimum qualifications. Failure to meet

these requirements may result in disqualification.

Eligible Respondents

Respondents may include:

• Institutional investment advisory firms

• Registered Investment Adviser firms

• Advisory teams affiliated with an investment adviser platform or independent

broker-dealer

Brokerage-only arrangements will not be considered. Services must be delivered through a

fee-based investment advisory program.

Regulatory Status

Respondents must be properly registered with the SEC or applicable state regulatory authority and

must provide Form ADV Parts 1 and 2.

Fiduciary Standard

The selected firm must acknowledge fiduciary responsibility to the Town of Coventry Pension Plan.

Institutional Experience

Respondents must demonstrate at least five years of institutional investment management or

advisory experience and must show experience working with institutional clients such as pension

plans, governmental entities, endowments, or foundations.

Assets Under Management

Respondents must disclose total assets under management, institutional assets under management,

and assets managed for public-sector clients.

Reporting Capability

Respondents must be capable of producing quarterly institutional performance reports including

benchmark comparisons and portfolio commentary.

Compliance Disclosure

Respondents must disclose any regulatory actions, disciplinary history, or material litigation

involving the firm or key personnel within the past ten years.

Insurance

Respondents must maintain appropriate professional liability or errors and omissions insurance.

References

Respondents must provide at least three institutional client references.

5. Proposal Submission Requirements

Proposals must include the following sections:

• Executive summary

• Firm overview and ownership structure

• Organizational chart

• Total assets under management

• Institutional client base

• Investment philosophy and process

• Risk management framework

• Client service model

• Sample reporting materials

• Fee proposal

• Client references

6. Required Respondent Information

Respondents must address the following:

• History and ownership structure of the firm

• Regulatory registration status

• Number of public-sector clients

• Biographies of personnel assigned to the Coventry account

• Years of experience of key personnel

• Any significant organizational changes in the past five years

7. Investment Philosophy and Process

Describe the firm's investment philosophy including:

• Asset allocation approach

• Security selection methodology

• Portfolio construction

• Risk management framework

• Approach during periods of market volatility

8. Performance Reporting

Respondents must provide:

• Historical performance results for comparable institutional mandates

• Benchmarks used for performance measurement

• Sample quarterly client reports

• Description of risk analytics used in monitoring portfolios

9. Client Service and Governance Support

Describe the firm's client service model including:

• Frequency of client meetings

• Committee meeting attendance

• Educational support for committee members

• Ongoing communication practices

10. Fee Proposal

Provide a detailed fee schedule including:

• Asset-based management fees

• Fee breakpoints by asset level

• Minimum account size requirements

• Any additional expenses or platform costs

• Confirmation that no commissions will be charged to the pension account

11. References

Provide at least three institutional client references including:

• Client name

• Contact information

• Relationship duration

• Description of services provided

12. Evaluation Criteria

Proposals will be evaluated using the following criteria:

• Institutional and municipal pension experience – 25%

• Investment philosophy and process – 25%

• Performance history and reporting – 20%

• Client service and committee support – 5%

• Organizational stability and compliance record – 5%

• Fees and overall value – 10%

13. Selection Process

The Pension Committee anticipates the following process:

1. Review of submitted proposals

2. Identification of finalist firms

3. Interviews or presentations with finalists

4. Reference checks

5. Final selection by the Pension Committee

14. Proposal Submission Instructions

Proposals must be submitted electronically in PDF format by the deadline of July 15, 2026, to

Cherie Trahan, Finance Director at ctrahan@coventry-ct.gov

Late submissions may not be considered.

15. General Conditions

The Town reserves the right to reject any or all proposals, request additional information from

respondents, and negotiate final terms with the selected firm.

All costs associated with preparation of proposals shall be borne by the submitting firm.

Submission of a proposal does not obligate the Town to award a contract.

This is the opportunity summary page. It provides an overview of this opportunity and a preview of the attached documentation.

Bid Title:	Request for Proposal: Investment Management and Advisory Services – Municipal Pension Plan
Category:	Services
Status:	Open

Request for Proposal: Investment Management and Advisory Services – Municipal Pension Plan

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