Source: US Dept. of Treasury End of Day
County investment programs typically incorporate investment pooling. GPA works with both internally and externally managed county investments. County governments must incorporate more cash-flow modeling to manage liquidity disbursements and investment strategy. With the fluctuating cash inflows and outflows, the approach and timeline for how to allocate assets changes—and we will walk you through those needed adjustments. We’ll work with you to develop and implement the best investment decisions through ongoing analysis of portfolio structure relative to market benchmarks.
A county treasurer hired GPA to review the risk profile of their external investment pool. The specific scope of the analysis included: cashflow, maturity risk and participant education. The conclusion of GPA’s analysis led the treasurer to dramatically change the structure of the portfolio from a fragmented structured agency portfolio (with a longer duration) to a more concise strategy (with larger positions and shorter maturity noncallable securities.) This allowed the treasurer’s staff and GPA to manage the portfolio with intention and communicate more clearly with pool participants.
For participant education, GPA communicates directly with the treasurer’s staff and pool participants. Since participants own a share of the investment pool, it was important that they understood and could communicate to their fiduciary boards the risk-and-return expectations of their investments. In our last quarterly meeting, one of the smaller pool participants said, “I would not be investing in the county pool if it did not have the additional layer of oversight and expertise of a registered investment advisor.” GPA’s expertise provided her with additional comfort and peace of mind that her (and her organization’s) assets were being managed appropriately.
This client story depicts an actual client situation in which GPA provided investment advisory services. However, please note that this individual or the associated entity's experience with GPA may not be the same as the experience of other individuals or the entities with which they are associated. It is unknown whether this individual, or the associated entity to which GPA provides advisory services, approved or disapproved of GPA's services overall. Please note that GPA may provide investment advice to certain clients that differs from the advice it gives to other clients in other circumstances. Any positive results that clients achieve connected with GPA's services referenced herein may not be achieved by other clients in other circumstances.
