TO: Mayor and Commissioners
FROM: Henry M. Dachowitz, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: January 6, 2026
Title
APPROVAL OF RESOLUTION NO. 17-26 TO APPROVE AN AGREEMENT WITH CHANDLER ASSET MANAGEMENT, INC FOR INVESTMENT MANAGEMENT SERVICES PURSUANT TO REQUEST FOR PROPOSAL 2025-026 IN AMOUNT - $275,000.00
Body
Recommended Action:
Recommendation
Motion to approve Resolution No. 17-26 to award an Agreement with Chandler Asset Management, Inc for Investment Management Services pursuant to Request for Proposal 2025-026 in the total amount of $275,000.
Body
Background:
The City of Delray Beach desires to retain Chandler Asset Management to provide investment management services in accordance with the city’s Request for Proposal No. 2025-026. The consultant shall provide investment management services pursuant to the specifications accompanying the City’s Request for Proposal, which are incorporated herein by reference. The City of Delray Beach has an investment policy to ensure the prudent management of public funds, the availability of operating and capital funds when needed, and investment returns competitive with comparable funds and capital market indices. Chandler Asset Management will manage the City’s long-term investment portfolio pursuant to the investment policy objectives and parameters.
On March 24, 2025, the City issued Request for Proposal (RFP) No. 2025-026 to acquire a firm which will provide Investment Management Services.
On April 23, 2025, the City of Delray Beach received five (5) submittals in response to its Request for Proposal (RFP) for Investment Management Services. On July 25, 2025, the Selection Committee completed its review of the submittals and made the Committee made the following ranking; a motion to hear presentation from the following short-listed firms:
Rank Score Firms
1 273 Chandler Asset Management
2 266 Deep Blue Investment Advisors
3 242 Morgan Stanley
4 235 PNC Bank N.A.
5 159 PFM Asset Management
On July 25, 2025, the Selection Committee made a motion to hear presentations from the following short-listed firms:
No. 1. Rank - Chandler Asset Management
No. 2. Rank - Deep Blue Investment Advisors
No. 3. Rank - Morgan Stanley
On September 17, 2025, presentations were conducted and the final ranking are listed as:
|
RFP 2025-026 Investment Management Services |
|
Firm |
Score |
Rank |
|
CHANDLER ASSET MANAGEMENT |
278.0 |
1.0 |
|
DEEP BLUE INVESTMENT ADVISORS |
267.0 |
2.0 |
|
MORGAN STANLEY |
257.0 |
3.0 |
Upon completion of the meeting, the Selection Committee made a motion to go into negotiation with the top ranked firm - Chandler Asset Management
The term of this Agreement shall remain in effect for a term of three (3) years and may be renewed for (2) two additional (1) one-year period(s), unless terminated earlier in accordance with terms set forth in the RFP. 2025-026. The cumulative agreement value is provided below:
|
Contract - RFP 2025-026 |
|
Three (3) year term |
Upon execution |
$165,0000($55,000 annually) |
|
Renewal Year 1 |
|
$55,000 |
|
Renewal Year 2 |
|
$55,000 |
|
Total $275,000 |
This motion is in accordance with City Code of Ordinances Section 36.02, Commission Approval Required and Purchasing Policies and Procedures.
Attachments:
1. Resolution No. 17-26
2. RFP Agreement 2025-026
3. Legal Review Checklist
4. Exhibit A - Fee Schedule
5. RFP 2025-026 - Investment Management
6. Submitted Proposal for RFP 2025-026 -Chandler Asset Management
City Attorney Review:
Approved as to form and legal sufficiency
Funding Source/Financial Impact:
001-13-000-513.31-11
115-90-900-519.31-11
125-26-220-524.31-11
334-90-900-536.31-11
426-75-750-575.31-11
433-34-000-534.31-11
441-90-900-536.31-11
442-90-900-536.31-11
448-90-900-538.31-11
475-39-000-539.31-11
501-43-000-549.31-11
551-90-900-513.34-11
Timing of Request:
Approval Requested