Request for Proposals Investment Management Services
Deadline: April 9, 2021, 4:00 P.M.
ABOUT THE RHODE ISLAND COLLEGE FOUNDATION AND RHODE ISLAND COLLEGE
The Rhode Island College Foundation (Foundation), established in 1965 as an independent 501(c)(3) non-profit foundation, fosters and promotes the growth, progress and general welfare of Rhode Island College.
Rhode Island College is a regional comprehensive public college that serves approximately 7,000 undergraduate, graduate and doctoral students through its five schools: The Faculty of Arts and Sciences, the Feinstein School of Education and Human Development, the School of Business, the School of Nursing and the School of Social Work. Established in 1854, it is Rhode Island’s first public institution of higher education.
The Foundation supports the development of fundraising efforts for the use and benefit of Rhode Island College and exercises fiduciary responsibility over endowments and other philanthropic investments made to the college. The Foundation’s investment portfolio is currently over $40 million.
SECTION 1. REQUEST FOR PROPOSALS
A. Investment Services
- The Foundation is soliciting proposals from qualified firms that
- Demonstrate significant experience with college/university foundations and have a demonstrative and successful track record of positioning portfolios for growth by being responsive to market trends and exhibiting a willingness to be creative and agile in order to adjust course, as necessary, to protect, grow and steward the Foundation’s endowment;
- Collaborate with the Foundation’s Investment Committee to make recommendations such as asset allocations, investment rebalancing, changes in investment managers, and benchmark choices;
- Provide timely and well researched recommendations for changes to the portfolio with the goal of income maximization balanced with safeguarding assets and minimizing risk;
- Provide monthly and quarterly portfolio performance reports; and
- Provide ongoing management of the portfolio, including but not limited to manager due diligence and risk.
B. Minimum Qualifactions
- To be eligible for consideration, a firm must respond to all items in the RFP and meet the following minimum qualifications:
- Have been engaged in the business of investment advisory services for a minimum of ten (10) years;
- Be a Registered Investment Advisor (RIA); and
- Possess an Active CIMA® license in good standing as of the date of the firm’s response.
C. Submission Requirements
- All proposals must be received on or before the Submittal Deadline, April 9, 2021, 4:00 P.M. Late submissions may not be accepted, at the Foundations discretion.
- All questions regarding this RFP must be sent by email to Kimberly Conway Dumpson at email@example.com by April 7, 2021, 11:30 a.m. All questions received and the respective responses will be posted on the Foundation website at ricfoundation.org.
- Firms must submit proposals via email to firstname.lastname@example.org.
- Please respond to the RFP questions in the order presented and limit your proposal to a total of thirty (30) typed written pages for all questions. Appendix items, if any, are not limited.
- The Foundation is not responsible for any costs incurred by any firm responding to the RFP. All responses will be kept confidential.
- Each proposal must remain open and valid for the Foundation for a minimum of ninety (90) days after the Submittal Deadline to allow time for evaluation and selection.
- The term of services requested will be for the period of approximately July 1, 2021 until June 30, 2024. The Foundation reserves the right to cancel the agreement prior to the ending date by giving thirty (30) days written notice to the vendor
SECTION 2: THE PROPOSAL
- The proposal should include the following components:
- Firm Overview (including a listing of primary revenue sources, copy of the firm’s most recent audited financial statement and any SEC, NASD or any other regulatory, federal or state censure or litigation involving the firm or its employees during the past five years);
- Why Us (what makes your advisors different or unique? What is your “secret sauce?”)
- Experience and Historical Performance (including years of experience managing portfolios for institutions of similar type, size and scope as well as documented performance of one or more accounts);
- Institutional Clients (including type of clientele, client to consultant ratio, number of endowment clients and size of portfolio and total endowment assets under management);
- Personnel (including the roles and responsibilities of key personnel who will manage this portfolio, along with brief resumes and biographical information);
- Investment Management Approach and Discipline (including a description of the firm’s investment management philosophy, how investments are made, how recommendations are made, implemented, monitored and evaluated);
- Accounting and Reporting (including a description of the investment accounting and reporting system used by the firm, compliance with IMCA® standards and types/frequency of reports);
- Fees (including any minimal fees, tiered fees, custodial fees, management fees and additional expenses not covered by the fee schedule and an example of the billing method that will be used); and
- Other Services
THANK YOU FOR YOUR INTEREST IN THIS PROPOSAL