Request for Proposals
Delaware Municipal Electric Corporation (“DEMEC”), located in Smyrna, Delaware, is seeking proposals from qualified Investment Advisors to provide Investment Management Services.
DEMEC is a political subdivision and body public and corporate of the State constituted as a joint action agency and a wholesale public utility. The creation of DEMEC was made possible by an act of the Delaware General Assembly on June 6, 1978, which led to the incorporation of DEMEC on July 12, 1979. DEMEC’s members are the City of Newark, the Municipal Services Commission of the City of New Castle, the Town of Middletown, the Town of Smyrna, the City of Seaford, the Lewes Board of Public Works, the Town of Clayton and the City of Milford.
As a baseline assumption, DEMEC will have $18,000,000 available for investment management.
SCOPE OF SERVICES
The firm selected will be required to effectively invest and manage the Investment Portfolio on a discretionary basis in accordance with Delaware code, DEMEC’s investment policy (Annex A), cash flow needs and guidance from staff. In addition, the firm will be expected to provide periodic (at least quarterly) written reports on the performance of the portfolio and must be available to make periodic oral reports to the Finance Committee and Board. The firm will also be expected to advise DEMEC and assist in the review and amendment of its investment policy and cash flow analysis from time to time. Custodial services are not included in this RFP. Assume the initial contract term is three (3) years with one additional renewal for two (2) years. Additionally, assume that DEMEC reserves the right to cancel this contract or an extension of this contract, without cause, with a thirty day (30) written notice or immediately with cause.
There is a 25 page limit on the RFP (excluding cover letter, necessary disclosures and appendices). The proposal is due on November 14, 2022, 5 P.M (Eastern). For details on what to submit and where to send the RFP, please review the full posting below along with DEMEC’s Investment Policy.