Request for Proposal (RFP)

The Marion County Hospital District is soliciting proposals to secure a contract for Investment Consultant Services. The District seeks an experienced firm to provide advisory council and investment consultant services for a portfolio currently valued at approximately $276 million which is divided between three Advisors.

During the solicitation process for this RFP, all official communication between the District and offering firms will be via postings on the Marion County Hospital District website at: https:// www.mchdt.org/RFP. Notices may include, but are not limited to, any modifications to administrative or performance requirements, addendums or revisions to any part of the RFP, answers to inquiries received, clarifications to requirements, and the announcement of the winning proposal. Proposing firms must carefully and regularly monitor the website for any such postings.

This RFP provides instructions governing the proposal to be submitted, mandatory requirements which must be met to be eligible for consideration, criteria by which a firm may be selected, and the contractual terms by which the District proposes to govern the relationship with the selected firm. The final submission date is June 1, 2023 by 5pm.

Schedule of Activities

RFP Issue Date	March 22, 2023
Inquiries Due	April 6, 2023
Response to Inquiries	April 16, 2023
Proposal Submission Deadline	June 1, 2023 by 5pm EST
Selection of Finalists	Extended to August 28. 2023
Oral Presentations (if necessary)	TBA
Approval by Investment Committee	Extended to August 28., 2023
Approval by District Board	Extended to August 28, 2023
Contract Start Date	October 1, 2023

INQUIRIES

Firms may make inquiries concerning this RFP to obtain clarification of requirements. No inquiries will be  accepted  after the date and time indicated in the Schedule of Activities. Send all inquiries to Joseph Hanratty at joehanratty@hotmail.com.

RFP Question and Answers

 

Can you please post the most recent performance report(s) for all assets?
Here is the link to the most recent performance report: https://mchdt.org/wp-content/uploads/1-March-Performance-Commentary-and-Investment-Overview1.pdf

 

Can you please share the current fees for managers/consultants if not disclosed in the performance report?
Park Place Capital Fees are $90,000 a year and is paid in quarterly installments. Here is link to fee schedule for advisors: https://mchdt.org/wp-content/uploads/Fee-Schedule-.xlsx  Please note our fiscal year is from October 1st to September 30th.

 

What is the name of the incumbent advisor/consultant(s) and what assets do they oversee?
Park Place Capital is the incumbent Investment Manager. Park Place Capital oversees the following Investment Advisors: Cresset Capital, Truist, and Graystone. Here is a links to the last advisor reports showing all the submanagers:

Cresset Capital: https://mchdt.org/wp-content/uploads/3-Cresset.pdf

Truist: https://mchdt.org/wp-content/uploads/3-Truist.pdf

Graystone: https://mchdt.org/wp-content/uploads/3-Graystone.pdf

 

We understand the selected consultant is expected to attend Board of Trustees meetings in person semi-annually and quarterly via zoom. Are the 2023 Board meeting dates available? If so, could you please provide them?
The meetings are posted on our website. Here is the link: https://mchdt.org/about-us/board-meeting-dates/

 

Could you please provide a copy of your investment manager line-up and a recent performance report?
Could you also provide the formal mandates under which each manager must invest? Here is a link to the Investment Policy Statement which mandates allocation of investments: https://mchdt.org/wp-content/uploads/MCHD-Executed-Investment-Policy-Seventh-Amendment-February-20211.pdf

 

Are there any insurance requirements to bid on this RFP? If so, could you please provide them?
No. There is not.

 

Can you advise on the expected contract duration? Or does the Board intend to enter an evergreen contract retaining termination rights?
The contract will be continuous with the option to terminate by both parties.

 

It appears the evaluation template on page eight of the RFP does not equal 100%. Will this template be updated in the response to inquiries on April 16?
Yes. It was updated on April 11, 2023.

 

 

ANNOUNCEMENT

On August 28, 2023, the Board of Trustees selected Wilshire to be the Investment Consultant for the Marion County Hospital District effective October 1, 2023.