PORTFOLIO MANAGEMENT

"Request for Proposals -To Provide Portfolio Management Services\nTo the State of New Hampshire\n\nState Treasury intends to hire a Firm to provide the services described below, for the entire term\nofthe contract, for trust and custodial accounts, with six (6) possible investment objectives\npursuant t0 RSA 11:5 as shown in APPENDIX B.\n\nServices:\n\nl. Provide investment management of portfolio(s) in accordance with stated Investment\nObjectives for each account or sub-account, as applicable (\u201call accounts\u201d).\n\n2. Custody and safekeeping of account assets for all accounts.\n\n3. Provide monthly statements for all accounts.\n\n4. Provide periodic reviews and best practice recommendations relative to trust and\ncustodial investments.\n\n5. Review and make best recommendations to investment policies, guidelines, and\nprocedures initially, on an annual basis, and when conditions change.\n\n6. Monitor compliance with investment policies and guidelines and report on a

quarterly\nbasis.\n\n7. Rebalance to target asset allocations, as needed.\n\n8. Provide research on special investment topics, as requested.\n\n9. Participate in quarterly meetings with State Treasury personnel to review quarter-end and\n\nyear-end performance, as well as best practice recommendations.\n\n10. Access to secure online reporting and account access, as needed.\n\nReporting\n1. Prepare quarterly performance analysis of all accounts, including total return calculation\nand benchmarking to relevant indices\n2. Provide quarterly, and as needed, asset allocation reviews and recommendations\n3. Prepare annual Government Accounting Standards Board compliant investment\nstatements on an amortized cost and fair market value basis for all assets held\n4. State fiscal year-end reporting of all assets held in Microsoft Excel or CSV format which\n\ndetail the account number, the CUSIP, purchase date, maturity date, market value, cost\nbasis, weighted average maturity, as applicable\n\nSection 4 \u2014 Process for Submitting a Proposal\n\nA. Proposal Submission, Deadline, and Location Instructions\n\nProposals must be received by the State Treasury no later than the date and time specified in the\nSchedule section, herein. Submissions must include one (1) original and two (2) copies.\nProposals must be submitted by U.S. Mail, Delivery Service, or in-Person. The State Treasury\naccepts no responsibility for mislabeled mail or mail that is not delivered or undeliverable for\nwhatever reason. Any damage that may occur due to shipping shall be the Firm\u2019s\nresponsibility. Proposals must be addressed to:\n\nPage 3 of 12\n" "Request for Proposals -To Provide Portfolio Management Services\nTo the State of New Hampshire\n\nRichard M. Bowen\nAssistant State Treasurer\nState of New Hampshire Treasury\n25 Capitol Street, Room 121\nConcord, NH 03301\n\nUnless waived as a non-material deviation in accordance with Section 6B, late submissions\nwill not be accepted and will be returned to the Firm unopened. Delivery ofthe Proposals\nshall be at the Firm\u2019s expense. The time of receipt shall be considered when a Proposal has\nbeen officially documented by the State Treasury, in accordance with its established policies,\nas having been received at the location designated above. The State Treasury accepts no\nresponsibility for mislabeled mail or mail that is not delivered or undeliverable for whatever\nreason. Any damage that may occur due to shipping shall be the Firm\u2019s responsibility.\n\nB. Proposal Inquiries\n\nAll inquiries related to this RFP must be must be submitted via e-mail to the following RFP\ndesignated Point of Contact:\n\nTO: Richard Bowen, Assistant State Treasurer: Richard.Bowen@treasury.nh.gov\nCC: Rachel Miller, Chief Deputy Treasurer: Rachel.Miller@treasury.nh.gov\n\nInquiries must be received by the State Treasury\u2019s Point of Contact on or before the date and\ntime specified in the Schedule section, herein. The State Treasury will post all inquiries and\nresponses as an Addendum to this RFP on the Administrative Services Bureau of Purchase and\nProperty website on or before the date and time specified in the Schedule section, herein. No\ncommunication with any other State employee is allowed to take place regarding this RFP\nduring the RFP process.\n\nC. Restriction of Contact with Agency Employees\n\nFrom the date of release ofthis RFP until an award is made and announced regarding the\nselection of a Firm, all communication with personnel employed by or under contract with\nthe State Treasury regarding this RFP is forbidden unless first approved by the RFP Point of\nContact listed in the Proposal Inquiries section, herein. State Treasury employees have been\ndirected not to hold conferences and/or discussions concerning this RFP with any potential\ncontractor during the selection process, unless otherwise authorized by the RFP Point of\nContact. Firms may be disqualified for violating this restriction on communications.\n\nD. Validity of Proposal\nProposals must be valid for one hundred and weighty (180) days following the deadline for\n\nsubmission as listed in the Schedule herein or until the effective date of any resulting\ncontract, whichever is later.\n\nPage 4 of 12\n" "Request for Proposals -To Provide Portfolio Management Services\nTo the State of New Hampshire\n\nSection 5 - Content Requirements for a Proposal\n\nProposals shall follow the below format and provide the required information set forth below:\n\nA. Overview:\n\n1.\n\nOrganization of the Proposal - Proposals shall be organized in the order in which the\nrequirements are presented in the Scope of Services section herein. All pages of the\nproposal shall be numbered.\n\nAll information requested should be submitted in a single package. Failure to submit all\ninformation requested may result in the State requiring prompt submission of missing\ninformation and/or lowering the evaluation ofthe proposal. Proposals that are substantially\nincomplete or lack key information may be rejected by the State Treasury, at its sole\ndiscretion.\n\nClarity of Proposal \u2014 Narratives in the proposal should be prepared in clear language and\nprovide a straightforward, concise description of capabilities to satisfy the requirements of\nthe RFP. Narrative responses to each numbered service listed under the Scope of Services\nsection herein must begin with a restatement of the service followed by a description of the\nFirm\u2019s ability to provide the services required by the State. In the event that the Firm has no\nprevious experience with, or is unable to satisfy one or more of, the following requirements,\nthat fact should be clearly stated.\n\nB. Information Requirements: - Firms are required to submit the following information in the order\npresented below:\n\n1.\n\nProvide a brief transmittal letter prepared on the Firm's letterhead to accompany the original\nand required copies ofthe proposal. The transmittal letter shall include a statement that the\nFirm has read and understands all of provisions of this RFP and agrees to comply with these\nprovisions. The letter should also indicate that, if selected, the Firm will execute a contract\nmaterially the same as provided in APPENDIX A (Form Number P-37) to this RFP. The\nletter shall be signed by a representative of the Firm who is authorized to bind the Firm to all\nstatements, including services and prices, contained in the proposal. The full name, e-mail\naddress, mailing address, telephone number of the primary contact person for the Firm, if\nother than the signatory, should also be included in the letter.\n\nProvide a description of the Firm, including history, organizational structure and\nqualifications necessary to serve as investment portfolio manager to the State. The\nqualifications shall reference the service needs listed under Scope of Services section.\n\nProvide contact name, title, address, telephone number, and e-mail address for at least five\n\n(5) clients, preferably governmental entities, including other states, the Firm wishes to offer\nas references.\n\nPage 5 of 12\n" "Request for Proposals -To Provide Portfolio Management Services\nTo the State of New Hampshire\n\n4. Provide three (3) examples of projects completed with one or more of references provided\nwhich demonstrate the Firm\u2019s experience and expertise in performing the services requested\nherein.\n\n5. Identify, by name and title, the individual(s) to be responsible for this engagement, including\nthe individuals who will serve as primary and backup point of contacts for the State\nTreasury. Describe the role of each individual and the division of duties among the\nindividuals to be assigned. A summary resume should be included for each of the\nindividuals listed.\n\n6. Provide a certification that the Firm and key personnel assigned to this engagement have\nno conflicts of interest, and will not engage in any activities during the engagement that\nwould give rise to a conflict of interest, pursuant to New Hampshire Statutes RSA 21-\nG:21-35.\n\n7. Provide a brief statement regarding any litigation in which the Firm has been involved\nduring the past three years. Please identify each entity which took such action and the\n\nreasons for such action.\n\n8. Provide a brief statement regarding any pending litigation against the Firm and identify each\nentity taking such action and the reasons for such action.\n\n9. Provide a confirmation that the Firm is a registered investment advisor under the Investment\nCompany Act of 1940.\n\n10. Provide the total amount of assets under management or consultation by the Firm.\n\n11. Attach documentation of any applicable licensure requirements or any specific credentials\nrequired to provide the requested services.\n\n12. Attach the Firm\u2019s most recently filed Form ADV-Part II.\n\nC. Cost Proposal\nWhile price is not the sole consideration in selecting an investment manager, it is an important\none. The Firm shall guarantee that the proposed fee structure be the maximum fee charged\nduring the full term of the contract. Describe the fee structure proposed which must include:\n1. The proposed fee(s) (expressed in basis points) and how the fee(s) will be calculated;\n2. How often fee(s) will be paid to the Firm;\n3. If fees can be waived or abated and under what circumstances that may happen;\n\nPlease state iftiered pricing would be offered depending on state assets under management.\n\nIf awarded the relationship, explain how the transfer of assets will be handled and over what\ntime period.\n\nPage 6 of 12\n" "Request for Proposals -To Provide Portfolio Management Services\nTo the State of New Hampshire\n\nThe cost proposal must include all costs necessary to fully comply with the contract terms,\nconditions, and RFP requirements.\n\nSection 6 \u2014 Evaluation of Proposals\nA. Criteria for Evaluation and Scoring\n\nAll proposals received will be reviewed and evaluated by a Selection Committee (Committee). The\nCommittee will recommend the proposal that meets all of the requirements ofthis RFP and most\nclosely meets the requirements ofthe State using a scoring scale of 100 points and maximum\npoints awarded in each the following criteria:\n\n1. Overall expertise, experience and reputation of the Firm and of the personnel to be assigned\nto this engagement (35% weighting);\n\n2. Soundness of approach in meeting the needs of the State and understanding the nature and\nscope of the work involved, including the ability to deliver objective, high-quality and\ntimely services, including reports (35% weighting); and\n\n3. Proposed cost of services (30% weighting).\n\nThe State Treasury will select a Firm based upon the criteria and standards contained in this RFP\nand from applying the weighting in this section. Oral interviews and/or presentations and\nreference checks, to the extent they are utilized by the State Treasury, will be used to refine and\nfinalize scores.\n\nThis RFP does not constitute an offer or a contract with the State Treasury or the State of New\nHampshire. A contract shall not be deemed to exist until proposals are reviewed, the best\nproposal has been identified, negotiations with the Firm have been authorized and completed,\nand a contract has been executed by parties and all required governmental approvals, including,\nbut not limited to, Governor and Executive Council of the State of New Hampshire (ifrequired)\nreceived.\n\nIn the event the parties are unable to negotiate terms acceptable to the State Treasury, the State\nTreasury may choose to accept the next highest-rated proposal determined by the Committee to\nbe in the best interests of the State, or it may re-solicit proposals.\n\nB. The State Treasury reserves the right to reject all RFP responses, to waive non-material,\n\ntechnical variances or infirmities in the RFP responses, to abandon the project, or to solicit\nand re-advertise for other proposals.\n\nSection 7 - Other RFP Terms and Conditions\n\nPage 7 of 12\n"