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02-13-2019 Council Packet
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02-13-2019 Council Packet
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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> FROM: Chris Heineman, City Administrator <br /> <br />DATE: February 13, 2019 City Council Workshop <br /> <br />RE: UBS Presentation <br /> <br />BACKGROUND: <br /> <br />UBS Group is a multinational investment banking and financial services company founded and based <br />in Switzerland. With a history of over 150 years, UBS is committed to providing clients with global <br />resources through dedicated financial advisors. UBS has served as a designated depository in Little <br />Canada for many years and we currently have approximately $965,000 in investments with UBS. <br /> <br />Based on a review of minutes and discussions with staff, it is my understanding that limited <br />information on municipal investments has been provided to the City Council. I have asked <br />representatives from UBS to attend the workshop to provide a review of the City of Little Canada’s <br />current investment portfolio (attached) and a summary of the services that UBS provides. One of these <br />services is centralized safekeeping, which will be explained in further detail at the workshop. <br /> <br />As previously discussed, staff has been informed that Morgan Stanley no longer provides municipal <br />investment services, and the investment funds at this institution will need to be transferred to another <br />firm in the next 30 days. One of the possible options is to transfer these funds to one of the financial <br />institutions such as UBS that is currently providing municipal investment services to the City. There <br />may also be other City investment funds that could be earning a higher interest rate at UBS. <br /> <br />STAFF RECOMMENDATION: <br />This presentation is for information purposes only and no action is requested at this time. <br /> <br /> <br />
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