Description
The City of Salem is seeking proposals for investment custodial safekeeping and trust services. The successful proposer will provide investment custody services, including safekeeping of assets, transaction settlement, online account access, management reporting, statement delivery, online balance inquiry, and trade affirmations. The City's current portfolio consists of approximately 70 individual securities with a total par value of approximately $360 million. The average number of purchase and sale transactions initiated by the City will range between 40 and 60 per year. The City's primary banking relationship is with US Bank.
Key aspects of the proposal include:
• Investment custody services
• A professional, designated relationship team
• Custody of an unlimited number of DTCC/Federal Reserve eligible securities
• Timely and accurate pricing of assets, collection of income, and communication of transaction activity
• Direct communication with client designee as needed
• Ability to send and receive funds by ACH and wire