This Request for Proposals (the “RFP”) is an invitation by MacEwan University (the “University”) to prospective proponents to submit proposals for Outsourced Chief Investment Officer, as further described in Section A of the RFP Particulars (Appendix B) (the “Deliverables”).
The University currently maintains two separate investment portfolios. The first portfolio holds the endowment funds. The second portfolio holds the university’s surplus operating funds. The market value of each portfolio is multi $10M's range.
MacEwan, in fulfilling its fiduciary responsibilities, is in the process of finalizing a revised Investment Policy Statement (IPS). More specific details on the responsibilities and requirements of the OCIO are as follows:
1) Implementation and Oversight
The selected OCIO will:
● work with MacEwan management to ensure the approved IPS is implemented and maintained,
● be responsible for implementing the components of the investment strategy,
● choose and monitor investment managers, making changes as required to ensure optimal performance and style diversification,
● provide proprietary fund-to-fund solutions that accept non-registered funds, and
● provide research and advice on other components as requested.
2) General Portfolio Management
The selected OCIO will:
● review, understand and make comments where appropriate on MacEwan’s desired and/or required rates of returns on investments for both the Endowment and Operating portfolios,
● assist MacEwan in reviewing its risk tolerance levels and, in combination with required rates of return, assist in re-establishing asset class allocations and ranges for the portfolios,
● assist in periodic reviews of the investment portfolio structure with recommendations for percentage allocations to various asset classes and subclasses,
● advise and work with MacEwan management on periodic rebalancing of the portfolios to ensure the various asset classes and subclasses remain within target percentage ranges, and
● meet quarterly (or less, as determined by FPI) with the FPI committee (meetings are generally held virtually).
3) Reporting
The selected OCIO will:
● supply a quarterly Compliance Report indicating compliance with the provisions of the investment mandate and the applicable provisions of the IPS,
● issue a written report on the performance of the Funds managed, that includes but is not limited to information on the rates of return (both before fees and net of fees) for the quarter and year to date and such longer time periods as are appropriate, the returns of the applicable benchmarks, economic and other information as deemed important to evaluate performance, focusing on Fund objectives and expected return and risk parameters,
● segregate the investments held as either Level 1, Level 2, or Level 3,
● provide a reconciliation of the fair value of level 3 investments, noting the balance at the beginning of the year, changes during the year, and balance at the end of the year,
● provide a sensitivity analyses,
● provide ratings for investments as either AAA, AA, A or BBB, if applicable,
● provide a table supporting interest rate risk, and
● provide other reporting as pertinent for university knowledge and decision making.
