Key Takeaways
- • Dewey Beach Town Council approved an RFP initiative on May 15, 2026, to solicit proposals from alternative investment management firms for the town's investment portfolio.
- • The town has maintained a client relationship with Brown Advisory since 2015, but is now opening the selection process to competing firms.
- • The RFP targets management of a portfolio valued between $5–10 million across short and long-term investment strategies.
- • Prospective firms must demonstrate capabilities in alternative investment management, detailed investment processes, fee transparency, and performance projections under the town's investment policy framework.
- • The formal RFP process establishes evaluation criteria including firm ownership structure, assets under management, service availability, and fee schedules for management, commissions, and fund expenses.
Summary
The Town of Dewey Beach, Delaware initiated a Request for Proposals (RFP) process for alternative investment management services following a May 15, 2026 vote by the Town Council to adopt a finance committee recommendation. The action opens the competitive bidding process for institutional investment management services, marking a potential transition from the town's existing relationship with Brown Advisory, which has served as the investment manager since 2015.
The RFP targets financial institutions capable of managing the town's investment portfolio, which ranges between $5 million and $10 million in total valuation across both short-term and long-term holdings. The scope of services encompasses comprehensive investment management aligned with the town's current investment policy framework. Interested alternative investment management firms are required to submit detailed proposals outlining their operational capabilities, investment methodologies, and fee structures.
Proposal requirements include disclosure of firm ownership and affiliated entities, total employment headcount, consolidated assets under management, and descriptions of investment services provided to institutional clients. Firms must articulate their investment process encompassing research protocols, governance structures, and portfolio management approaches. Critical to the evaluation process are detailed fee schedules itemizing management fees, brokerage commissions, and expense ratios for ETFs or funds the town is likely to hold. Prospective managers must also provide historical and projected one- and three-year performance returns net of all applicable fees under the town's investment policy guidelines.
The town reserves discretionary authority to reject any or all proposals deemed not to serve its best interests. Selected RFP respondents may be invited to present their proposals in person to both the Investment Committee and Town Council for further discussion and evaluation.
The RFP targets financial institutions capable of managing the town's investment portfolio, which ranges between $5 million and $10 million in total valuation across both short-term and long-term holdings. The scope of services encompasses comprehensive investment management aligned with the town's current investment policy framework. Interested alternative investment management firms are required to submit detailed proposals outlining their operational capabilities, investment methodologies, and fee structures.
Proposal requirements include disclosure of firm ownership and affiliated entities, total employment headcount, consolidated assets under management, and descriptions of investment services provided to institutional clients. Firms must articulate their investment process encompassing research protocols, governance structures, and portfolio management approaches. Critical to the evaluation process are detailed fee schedules itemizing management fees, brokerage commissions, and expense ratios for ETFs or funds the town is likely to hold. Prospective managers must also provide historical and projected one- and three-year performance returns net of all applicable fees under the town's investment policy guidelines.
The town reserves discretionary authority to reject any or all proposals deemed not to serve its best interests. Selected RFP respondents may be invited to present their proposals in person to both the Investment Committee and Town Council for further discussion and evaluation.
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