Investment Advisory Services

Milwaukee County, Wisconsin (“County”), acting through the County Treasurer, is soliciting proposals for one or more investment managers for a portion of the County’s operating and capital funds (non-pension funds). The Department anticipates entering into a three-year professional services agreement from 2027 through 2030 with two (2) additional one-year renewal options.

The Milwaukee County Treasurer, by delegated authority of the Board of Supervisors, manages an investment portfolio of approximately **$260 million**, which is comprised mainly of U.S. Treasury and other Federal agency and government sponsored enterprise (GSE), securities, municipal bonds, repurchase agreements with public depository institutions, and highly rated corporate securities (see Attachment L). The management of the County’s investments and daily cash will be outsourced to private companies that provide investment management service.

The investment adviser(s) selected will be expected to clarify and meet the investment program and objectives of Milwaukee County (see investment policy at Attachment L). The investment advisers will need to have a clear understanding of Milwaukee County’s overall investment program and objectives as well as any constraints unique to the County. The investment adviser will have non-discretionary authority. The County will be notified of transactions specifically on a case-by-case basis, and have the opportunity to reject transactions within a specified period. The investment adviser(s) will direct investments to meet the legal requirements of the State of Wisconsin and County Ordinances, adequately account for funds, and manage fund growth. An independent, third party analysis of the investment adviser’s performance may be undertaken from time to time by the County Treasurer. Additional services requested may include:

• Review and suggest modifications to the County’s Investment Policy.
• Provide assurance of portfolio compliance with applicable County policies and laws.
• Assist the County in determining its investment risk tolerance and provide monitoring of such risk in the portfolio.
• Establish an appropriate performance benchmark for the portfolio.
• Review performance. Provide Treasurer with monthly, quarterly and annual portfolio inventory reports, as well as be available at least semi-annually to participate in review of portfolio by an internal committee selected by the Treasurer.
• Be available to attend quarterly Treasury Office meetings and quarterly County Board committee meetings.
• Ensure that the portfolio structure matches the County’s objectives.

The selected investment adviser(s) will be expected to perform to the Prudent Expert Standard and have a fiduciary duty to County funds it is engaged to manage as imposed by the Investment Advisers Act of 1940.

**Submission method:** Your submission must be uploaded, submitted, and finalized prior to the Closing Time of **November 13, 2026 at 5:00 PM CT** at https://countymilwaukee.bonfirehub.com/opportunities/239784. Milwaukee County uses a Bonfire portal for accepting and evaluating proposals digitally.

The award of this contract is conditioned upon your good faith efforts in achieving this project’s Targeted Business Enterprise (“TBE”) goal of eight percent (8%), and you must document those efforts. The Service Starting Date is August 1, 2027.

Evaluation criteria

• Responsiveness: Pass/Fail
• Targeted Business Enterprise goal: Pass/Fail
• Cost Proposal Response: 10%
• Experience and Personnel: 40%
• Assets under Management: 15%
• Investment Management Approach and Resources: 25%
• Reporting: 5%
• Customer Service and Quality: 5%

All proposers must agree to the terms set forth on the *Insurance and Indemnity Acknowledgement Form* (Attachment C). The Proposer may not change the rate established by a contract throughout the term of the contract.