RFP FOR INVESTMENT CONSULTANT/MANAGER

Number

Title

11/5/2024 2:30 PM

11/12/2024 4:00 PM

11/26/2024 2:30 PM

Najey McDuffie at Najey.McDuffie@pgworks.com

RFP

Appoinvoices@pgworks.com,
800 W. Montgomery Ave - Attn: Accounting,
Philadelphia , Philadelphia PA 19122 US

VARIOUS,
PHILADELPHIA, PA US

1 The Solicitation – Notice to Proposers

Notice is hereby given that the Philadelphia Gas Works OPEB Trust (the “Trust”) will receive sealed proposals on or before November 20, 2024, 2:30 p.m. Eastern Time, via pgw.procureware.com, for the purpose of engaging an investment consultant/manager.

This document outlines the Trust’s objectives, describes the general characteristics of the services to be provided, and (without being exhaustive) outlines the principal obligations of the Trust and the selected Proposer.

Questions concerning this Request for Proposals shall be directed in writing to PGW via pgw.procureware.com.  Proposers may not contact Trust or PGW personnel regarding this RFP other than through pgw.procureware.com.

1.1 Schedule of Events

The projectedschedule of events for this Request for Proposals is as follows:

Issue Date of the RFP.................................................................. November 5, 2024

Questions and requests for clarification or information
must be received, via pgw.procureware.com, by 4 p.m. .............. November 12, 2024

Non-Mandatory Telephone Conference, 10:00 a.m..................... November 14, 2024

Procureware registration deadline................................................ Not later than 3 business

days before Proposal            Submission Due Date

Proposal Submission Due Date - Proposal
must be received, via pgw.procureware.com

as required by Section 3.1.2, by 2:30 p.m.................................... November 26, 2024

Finalist Presentations.................................................................... Week of December 2, 2024

Contract Start Date....................................................................... As soon as possible

following contract execution

The Non-Mandatory Telephone Conference is scheduled for 10:00 a.m. on November 14, 2024 to answer questions and requests for clarification.  Proposers who choose to participate should dial as follows:  +1 267-857-3813; Phone conference ID: 114 405 822#

These dates are estimates only and the Trust reserves the right to alter this schedule as it deems necessary or appropriate.

After the submission of proposals, the Trust may select finalists for this RFP, who should be prepared to present their proposal to the Trust selection team.

1.2 Proposal Requirements

Proposals shall be accepted only from respondents (“Proposers”) who have:

1.2.1 Obtained a complete set of Proposal Documents and any addenda thereto issued by the Trust (sometimes referred to as the “RFP”), consisting of the following five (5) sections, two (2) attachments and one (1) appendix:

Sections:

1    The Solicitation – Notice to Proposers

2    Project Definition and Requirements

3    Instructions to Proposers

4    Proposer Information

5    Proposal Evaluation, Negotiation and Contract Award

Attachments:

A    Disclosure Form

B    Demographic Survey

Appendices:

1    Proposer Questionnaire

1.2.2 Submitted a proposal pursuant to the instructions in this RFP as set forth in Section 2.

In evaluating the proposals, the Trust will consider the demonstrated experience and ability of the Proposer to deliver the proposed services, the scope and value of the proposed services, and the financial proposal of each Proposer as described in this RFP.

As noted in Section 5.2.4, Proposer expressly agrees and acknowledges that any response to this RFP, including written documents and verbal communication, regardless of how marked by the Proposer, is not confidential and may be subject to public disclosure by the Trust, PGW or any authorized agent of the Trust or PGW, including but not limited to disclosure under the Pennsylvania Right to Know Law. Any materials submitted or ideas elicited in response to this RFP shall be the sole and absolute property of the Trust, with the Trust having title.  By responding to this RFP, Proposer expressly waives any right to designate its response or parts thereof confidential, proprietary, a trade secret, or otherwise exempt from disclosure under any circumstance.

The Trust hereby solicits proposals in accordance with these Proposal Documents.

1.1 Services to be Provided; Scope of Work

The Trust is seeking proposals from qualified firms to provide overall investment consulting services. The selected Proposer will work closely with the Board of Trustees of the Trust (the “Board”) to assist in determining the strategic asset allocation, developing and implementing a strategic investment plan, identifying investment opportunities, assisting in manager searches, educating its members, and monitoring and reporting its progress. In all cases, the selected Proposer will offer its advice to the Board in conformity with the Trust’s policies and in the interest that the Trust’s assets will be used for the exclusive purpose of funding PGW’s OPEB obligations.

Among other things, the selected Proposer will be expected to do the following:

1. Advise on the development, implementation and/or revision of investment policies and guidelines.
2. Provide capital markets and asset allocation reviews and recommendations, including reports of general economic conditions and forecasts of interest rates, inflation, and risk and returns for all asset classes.
   1. Advise on portfolio structure (e.g., active vs. passive, investment style mix).
      1. Provide research and reports on various investment topics and provide educational presentations to the Board.
      2. Perform monthly performance analysis by manager, asset class, and total fund, including peer universe comparisons at the asset class and total fund levels, and provide monthly reports on the findings.
      3. Meet with the Board on a quarterly (or more frequent) basis to discuss the items mentioned above.
      4. Conduct and/or assist in manager searches, selections, watch list placements and terminations.
      5. Analyze and advise on the capabilities of investment managers, including the analysis of a firm’s personnel, investment philosophies and processes, internal and risk controls, risk-adjusted performance and performance relative to benchmarks and peers.
      6. In conjunction with the Trust, periodically review the performance of investment managers through various methods, including interviews and on-site visits.

         Each Proposer’s proposed scope of work should address each objective specifically and describe in detail how the Proposer will achieve the objective, or how the Proposer will enable the Board to achieve the objective.