Investment Custody Services

The City of Palm Springs is seeking a financial institution to provide investment custody services for the city and the Palm Springs Investment Portfolios. The scope of work includes safe-keeping, clearing, and reporting investments to ensure the protection of the city's security interest in portfolio investments and to simplify the reconciliation of safe-keeping accounts. The selected firm must be a qualified institution pursuant to California Government Code Section 53608 and have provided safe-keeping services for a minimum of ten years. • The contract term will be for three years with two one-year options to renew at the city's sole discretion. • The proposal must include a technical proposal and a cost proposal, both of which will be evaluated based on specific criteria. • The city will conduct interviews with the top-ranked firms, and the highest-scoring proposer will be recommended to the city council for award. • A contract will be sent to the successful firm, which must be returned with insurance and a current business license.