Commissioners Court - Regular Session
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Investment Advisory Services with Hilltop Securities Asset Management, LLC
Dianne West, Purchasing
Discuss, consider and take appropriate action on approval of Investment Advisory Services contract with Hilltop Securities Asset Management, LLC, f/k/a First Southwest Asset Management, Inc. (covering the term of September 7, 2021 - September 6, 2025) and exemption of these services from the competitive bid/proposal requirements of the County Purchasing Act pursuant to the discretionary exemption for personal or professional services, as set forth under Tex. Loc. Gov’t Code § 262.024(a)(4); and authorize the execution of the agreement.
This is a new contract, exempted under Professional Services, that has been updated and amended from its earlier form for an extended term and with fee structure changes. It includes an asset-based annual fee of two (2) basis points (approx.1/50
of 1%) on the first $250 million, and one (1) basis point on any balances above $250 million, billed in quarterly increments, calculated on the average asset balance during the period, but does not include Wells Fargo bank balances, CARES funds, or ARPA funds (see agreement language). The term reflects a four-year (4) initial term plus one, two-year (2) renewal. This is a budgeted expense each year under line item number 01.0100.0409.004100. The point of contact is the County Treasurer, Scott Heselmeyer.
Agreement for Investment Advisory Services with Hilltop Securities Asset Management, LLC
09/08/2021 04:28 PM
County Judge Exec Asst.
09/09/2021 08:05 AM
Form Started By:
08/26/2021 10:20 AM
Final Approval Date:
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