DATE: December 12, 2023
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Assignment of Investment Advisory and Reporting Services Agreement from FHN to Meeder
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute an Assignment of Agreement to provide that the rights, benefits, responsibilities, and obligations of FHN Financial Main Street Advisors, LLC, under the Agreement for Investment Advisory and Reporting Services (Agreement No. 20-422), relating to the County's Treasury Investment Pool, are transferred to Meeder Public Funds, Inc.
REPORT
On October 20, 2020, your Board approved and executed agreement 20-422 with FHN Financial Main Street Advisors, LLC. (FHN) for Investment Advisory and Reporting Services (Agreement) relating to the County's Treasury Investment Pool. FHN recently entered into an assignment and purchase agreement with Meeder Investment Management, Inc., which, when it closes, will result in the acquisition of FHN, whose operations will be taken over by Meeder Public Funds, Inc. (Meeder), a wholly-owned subsidiary of Meeder Investment Management, Inc. Under the Agreement, services provided by FHN may not be assigned to Meeder without written consent by both parties to the Agreement, including the County. The recommended Assignment of Agreement will accomplish that consent and provide that Meeder assumes all rights, benefits, responsibilities, and obligations of FHN under the Agreement.
ALTERNATIVE ACTION(S):
Should your Board not approve the recommended action, the County will be unable to continue receiving investment advisory and reporting services under the Agreement. The Auditor-Controller/Treasurer-Tax Collector (Department) would then need to conduct a new competitive selection process for these services, which would take several months to complete and would leave the County without any services during that period.
FISCAL IMPACT:
There are no...
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