Project Information

Bid Title

Investment Management Services

Issuing Agency

Friant Water Authority

Location

California

Published Date

May 29, 2026

Closing Date

Jun 26, 2026

Government Level

State & Local

Status

Closed

Original Source

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Project Description

RFP - Investment Management Services

• Due Date - To allow sufficient time for Proposals, the Due Date is June 26, 2026 (though you are welcome to submit in advance of that date).

  Please contact Wilson Orvis, Chief Financial Officer, ( worvis@friantwater.org ) if you have any questions.

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REQUEST FOR PROPOSALS (RFP)

INVESTMENT MANAGEMENT SERVICES

ISSUE DATE: May 29, 2026

PROPOSAL DUE DATE: June 26, 2026

CONTACT:

Wilson Orvis, Chief Financial Officer, worvis@friantwater.org

Friant Water Authority | Request for Proposals - Investment Management Services

REQUEST FOR PROPOSALS FOR

INVESTMENT MANAGMENT SERVICES

The Friant Water Authority (FWA) is soliciting Proposals from interested firms to provide investment

management services. FWA has recently completed the first phase of the Middle Reach Capacity

Correction Project and is proceeding with the next phase of the project. As a result, it needs to

invest and manage approximately $35 million in funding to meet annual debt service obligations for

the first phase and will be receiving approximately $195 million of funding for the next phase of

construction. This is a substantial increase in available funds for FWA and FWA is issuing this

Request for Proposals to ensure that FWA optimizes the return from these funds while meeting the

other two primary objectives of safety and liquidity. The average daily balance of the investment

portfolio will decline over time as construction proceeds, but initially will be approximately $230

million, falling to approximately $35 million over a period of three years.

The investment of FWA’s funds is guided by applicable California statutes and FWA’s Investment

Policy. The Investment Policy will be revised to allow additional investments consistent with State

statutes. A copy of the current Investment Policy is attached for your information. The selected

respondent(s) will be consulted regarding changes needed to the Investment Policy.

I. BACKGROUND

FWA is a joint powers authority created for the purpose of operating and maintaining the Friant-Kern

Canal, (FKC), a component of the U.S. Bureau of Reclamation Central Valley Project, located in the

southern San Joaquin Valley of California. As a joint powers authority, the Authority operates and

maintains the Friant-Kern Canal on behalf of the U.S. Bureau of Reclamation pursuant to a

transferred works agreement. FWA also works to preserve and enhance water supplies and water

rights for contractors of the Friant Division of the Central Valley Project, regularly coordinates with

the California Department of Water Resources and other state and federal agencies on water supply

issues and provides advocacy on state and federal water-related legislation and regulations. Under

the terms of a transferred works agreement, the FWA allocates the operations, maintenance, and

replacement (OM&R) costs to Friant Division water contractors. Separately, General Membership

activities are funded through separate allocations to its members. The FWA board is comprised of

twenty-three appointed representatives, one from each member agency.

FWA has managed its own investments, which are distributed between the Local Agency Investment

Fund (LAIF), California Asset Management Program (CAMP), and its commercial bank. FWA

anticipates receiving a significant amount of funding from the Bureau of Reclamation to fund major

construction work on the FKC, including pump stations along the canal. This agreement is expected

to transfer around $195 million and will be expended over the next two to three years. In addition,

FWA expects to maintain around $30 to $40 million of investable funds for the next five to 10 years,

which is in addition to its operating funds.

As such, FWA is seeking professional investment management to meet its goals of safety, liquidity

and yield.

Questions regarding this RFP should be directed to:

Wilson Orvis, Chief Financial Officer

Friant Water Authority

Wilson.orvis@friantwater.org

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Friant Water Authority | Request for Proposals - Investment Management Services

II. SELECTION CRITERIA

A. Understanding the scope

B. Experience and qualifications of firm and individuals assigned.

C. Recommended approach to management of the FWA’s portfolio, including customer service,

reporting and responsiveness.

D. Familiarity with state and federal investment and reporting requirements.

E. Fees.

III. SELECTION TIMETABLE

June 26, 2026

Date

July 2026

July 27 – 30, 2026

Event

Proposals due by 5:00 pm PST

Proposal evaluation, interviews scheduled (as

needed)

Committee and Board consideration and action

IV. PROPOSAL FORMAT

Proposals must be no more than 15 pages, exclusive of appendices, and be submitted in the following

format:

A. Cover letter summarizing the firm’s qualifications and proposal, signed by a representative that can

bind the firm.

B. Firm Organization

i. Describe your organization, date founded, ownership and other business affiliations. Provide

number and location of affiliated offices. Specify the number of years your organization has

provided investment management services.

ii. Describe your firm’s revenue sources (e.g., investment management, institutional research, etc.)

and comment on your firm’s financial condition.

iii. Describe any significant developments in the organization that have occurred in the past three

years (e.g., changes in ownership, new business ventures)? Please identify any other changes

expected in the next two years.

iv. Describe any U.S. Securities and Exchange Commission (SEC) censures or litigation involving

your organization, any officer, or employee at any time.

v. Identify the types of accounts managed by your firm (e.g., government, pension, corporate, high

net worth, endowment/foundation, etc.)

vi. Describe the firm’s fiduciary liability and/or errors and omissions insurance coverage. Include

dollar amount of coverage.

C. Personnel

i. Identify the number of professionals employed by your firm by classification.

ii. Provide an organization chart showing function, positions, and titles of the investment

professionals in your organization.

iii. Provide biographical information/resumes for the investment professionals that will be involved in

the decision-making process for FWA’s portfolio, including number of years at your firm. Identify

the individual(s) who will be the primary portfolio manager and relationship manager assigned to

the account.

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Friant Water Authority | Request for Proposals - Investment Management Services

iv. Describe your firm’s compensation policies for investment professionals.

D. Assets Under Management

i. Summarize your institutional investment management asset totals by category for your latest

reporting period in the following table:

Category

Governmental

Institutional

Market Value

$____________

$____________

Percent of Assets

______%

______%

ii. Provide the number of separate accounts whose portfolios consist of operating funds and

construction funds.

iii. List in the following table the market value and percentage by market value of aggregate assets

under management for your latest reporting period:

Type of Asset

U.S. Treasuries

U.S. Agencies

Commercial Paper

Repurchase Agreements

Corporate Securities Rated AA or

Better

Corporate Securities Rated A

Other

Market Value

$____________

$____________

$____________

$____________

$____________

$____________

$____________

Percent of Assets

______%

______%

______%

______%

______%

______%

______%

iv. Describe the procedures that your firm has in place to address the potential or actual credit

downgrade of an issuer and to disclose and advise a client of the situation, including proposed

actions to address the situation.

v. Provide data on account/asset growth over the past three years. Indicate the number of

accounts gained and the number of accounts lost.

vi. List your five largest public agency clients. Identify those that are exclusively operating fund

relationships and/or those that are other relationships (e.g., bond fund, construction funds,

retirement fund, etc.)

vii. Provide a copy of the firm’s Form ADV, Parts I and II (including all schedules).

viii. Provide proof of State of California Registration, if your firm is not eligible for SEC registration.

ix. Provide a sample contract for services.

E. Philosophy/Approach

i. Describe your firm’s investment philosophy for public clients, including your firm’s philosophy

regarding average duration, maturity, investment types, credit quality, and yield.

ii. Describe in detail your investment process, as you would apply it to FWA’s portfolio.

iii. What are the primary strategies for adding value to portfolios (e.g., market timing, credit

research, trading, etc.)?

iv. Describe the process you would recommend for establishing the investment objectives and

constraints for this account.

v. Do you have or would you recommend policy restrictions with respect to maturity, sector, quality,

and coupon beyond those included in state statute?

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Friant Water Authority | Request for Proposals - Investment Management Services

vi. Describe in detail your process of credit risk management, including how you analyze credit

quality, monitor credits on an ongoing basis, and will report credit decisions to FWA.

vii. Describe your firm’s trading methodology.

viii. Describe your firm’s decision-making process in terms of structure, committees, membership,

meeting frequency, responsibilities, integration of research ideas, and portfolio management.

ix. Describe your research capabilities as they would pertain to FWA’s portfolio. What types of

technical analysis do you use?

x. Describe the firm’s approach to managing relationships with the broker-dealer community.

F. Portfolio Management

i. Are portfolios managed by teams or one individual?

ii. What is the average number of accounts handled per manager?

iii. Which professional staff member will be the primary client contact for FWA?

iv. How frequently do you propose meeting with FWA (meetings can be conducted remotely and/or

in person)?

v. Describe procedures used to ensure that portfolios comply with client investment objectives,

policies, and bond resolutions. How often does your firm review portfolios to ensure compliance

with investment policies and state statutes?

G. Fees

i. Please include a copy of your firm’s fee schedule applicable to this RFP.

ii. Identify any expenses that would not be covered through this fee structure and would be

required in order to implement the firm’s program.

iii. Is there a minimum annual fee?

iv. Please provide a statement of fees for any additional services.

H. Performance Reporting

i. Please describe how you typically report performance.

ii. Please provide performance history for the past five years for three of your current public agency

accounts comprised of securities with maturities, quality and sectors like those of FWA. Indicate

whether your returns are calculated and compiled in accordance with the GIPS standards. If not,

how does the performance presentation differ from GIPS standards?

iii. Do your reports conform to State reporting standards?

iv. How will you notify us of investment transactions? Are confirmation of investment transactions

sent directly by the broker/dealer to the client?

I. References

Provide four public agency client references in California. References should be public agencies with

portfolio size and investment objectives similar to FWA. Include length of time managing the assets,

agency name, contact name, email and phone number.

J. Insurance Requirements

The selected firm will be required to maintain adequate insurance coverage for the duration of the

engagement, including at minimum professional liability (errors and omissions), cyber liability, and

workers’ compensation. Specific coverage types, minimum limits, and endorsement requirements will be

set forth in the agreement executed with the selected firm and must be satisfactory to FWA prior to

commencement of services.

Evidence of required insurance shall be provided before work begins. Failure to obtain and maintain

required coverage shall constitute grounds for termination of the agreement.

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Commodity Codes

• NAICS 523930Investment Advice
• NAICS 541611Administrative Management and General Management Consulting Services

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