Broker-Dealer Request for Qualifications (RFQual)

The City of Santa Monica (the City) is conducting a review of its current investment broker-dealer relationships and requesting qualifications from firms interested in providing broker-dealer services to the City to ensure that the City’s investment needs are being met in the most efficient and effective manner possible. The current book value of the City’s investment portfolio is approximately $640 million. The scope of this agreement will not include bond proceeds. The City invests in Federal Agency Securities, (GSE’s), medium term corporate notes, Treasury securities, commercial paper, and municipal bonds. A certain balance is also maintained in the State of California Local Agency Investment Fund (LAIF). The City follows California State law and the City Investment Policy when making investment decisions. The City’s investment strategy is primarily “buy and hold to maturity”. However, under certain circumstances, the City will sell securities, typically as part of a portfolio rebalancing action.