Commissioners Court - Regular Session

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Meeting Date: 09/14/2021  
Investment Advisory Services with Hilltop Securities Asset Management, LLC
Submitted For: Joy Simonton Submitted By: Dianne West, Purchasing
Department: Purchasing  
Agenda Category: Consent

Agenda Item
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.1/50th 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.

Fiscal Impact
From/To Acct No. Description Amount
Agreement for Investment Advisory Services with Hilltop Securities Asset Management, LLC

Form Review
Inbox Reviewed By Date
Purchasing Joy Simonton 09/08/2021 04:28 PM
County Judge Exec Asst. Becky Pruitt 09/09/2021 08:05 AM
Form Started By: dianne.west Started On: 08/26/2021 10:20 AM
Final Approval Date: 09/09/2021


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