Description
The Maryland State Treasurer's Office is soliciting proposals for a financial institution to provide investment and administrative services for the Maryland Local Government Investment Pool (MLGIP). The selected institution will be responsible for managing the investments of the MLGIP, maintaining a stable net asset value, and providing various services such as banking, advisory, and reporting. The contract has a 3-year base period with two 1-year renewal options. The institution must have a strong presence in Maryland and meet certain minimum requirements, including a Kroll Bond Rating Agency rating of at least "B-" or an IDC Financial Publishing numerical performance rating of at least "158".
Some key responsibilities of the selected institution include:
* Managing the investments of the MLGIP to maintain a stable net asset value and provide a competitive rate of return
* Providing banking services, including creating master accounts and subaccounts for MLGIP participants
* Maintaining a website with information about the MLGIP, including investment performance, participant information, and contact details
* Providing reports to the State Treasurer, MLGIP Advisory Committee, and participants, including daily transaction reports, monthly statements, and annual audits
* Conducting an ongoing marketing effort to attract new members to the MLGIP