Environment Waikato’s finance and audit committee has recommended the council calls for expressions of interest from firms capable of advising on the long term strategy, strategic asset allocation and implementation of the council’s investment fund.
The council is reviewing its investment advisory services and the management of its $51 million investment fund as part of the ongoing review of its financial policies. It will consider the committee’s recommendations at its meeting on April 30.
The committee is recommending the council go out to the market in the first instance to identify providers who have the capability to provide the best service to Environment Waikato.
Chief financial officer Mike Garrett said that to be eligible, firms would need a proven track record in advising big institutional investors on asset allocation and implementing investment strategy through either a traditional investment process or an implemented model.
The committee appointed a sub-committee on Friday comprising committee chairman John Fisher, deputy chairman Simon Friar, councillors Frank Healey and Jane Hennebry, along with chief financial officer Mike Garrett to manage the process.
Cr Fisher said the sub-committee would evaluate submissions against key criteria. These will cover the strength and stability of the business, the knowledge and skills of the people involved, experience in providing investment advice and the quality and sustainability of all aspects of the investment consulting and fund manager selection processes.
The committee will then invite shortlisted applicants to submit their proposal.
The sub-committee’s preferred two candidates will present to the full council, prior to the council making its decision.
The process is expected to be finalised by July.