Florida Workers’ Compensation Joint Underwriting Association Investment Committee Meeting Report: December 10
Dec 13, 2010
The Florida Workers’ Compensation Joint Underwriting Association (“FWCJUA”) Investment Committee (“Committee”) met via teleconference on December 10, 2010 to discuss formulating a competitive solicitation for a long-term FWCJUA investment manager.
The Committee’s goal is have a vendor selected for approval by the FWCJUA Board of Governors at its February 22, 2011 meeting. The FWCJUA is currently using an investment management company on a temporary, interim basis until a permanent vendor is selected.
The Request for Proposal (“RFP”) will be released next Friday, December 17, and will be available at www.fcwjua.com for review. The Committee expects to receive the resulting proposals by January 14, 2011, after which it will meet on February 11 to review and rate them.
A concise company profile of up to five pages will be among the RFP requirements.
In regard to the length of time for the proposed investment management contract, Committee members spoke in favor of a three-year engagement with a two-year renewal. The successful bidder also will be required to have a minimum of five years of experience offering non-discretionary management services and also will be expected to attend every Committee meeting. Committee members are seeking a vendor that will be available to report weekly, so that financial decisions can be made in a timely manner.
Committee members indicated that they want a company that can offer advisory, as well as trading services, and possibly custodial work. The FWCJUA’s investment goals are straightforward: Protect the principle and earn income to offset expenses.
The following RFP scoring system was proposed:
- Corporate background: 10 percent
- Company profile: 20 percent
- Scope of Services: 40 percent
- References: 5 percent
- Cost of Services: 25 percent
With no further business before the Committee, the meeting was adjourned. Meeting materials are attached for review.
Should you have any questions or comments, please contact Colodny Fass.
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