HomeMy WebLinkAboutNew Invstmnt Broker-Dealers for the City of Palm DesertCITY OF PALM DESERT
OFFICE OF THE CITY TREASURER
STAFF REPORT
REQUEST: RECOMMEND APPROVAL OF WELLS FARGO SECURITIES,
JEFFERIES, PIPER JAFFRAY, AND STIFEL, NICOLAUS; AND
CONDITIONAL APPROVAL OF J.P. MORGAN SECURITIES, AS
BROKER -DEALERS FOR THE CITY OF PALM DESERT.
SUBMITTED BY: Paul S. Gibson, CCMT, City Treasurer
CONTRACTOR: Not Applicable
DATE: April 28, 2016
CONTENTS: Staff Report
Recommendation
By Minute Motion, approve Wells Fargo Securities LLC, Jefferies LLC, Piper
Jaff ray & Company, and Stifel, Nicolaus & Company; and conditionally approve
J.P. Morgan Securities LLC, as broker -dealers for the City of Palm Desert.
Committee Recommendation
This item is being presented to the Audit, Finance & Investment Committee for review at
its April 26, 2016 meeting.
Strateqic Plan Obiective
Not Applicable.
Executive Summary
Over the last two years, the City of Palm Desert has lost three of its four investment
brokers through industry restructurings, asset sales, and reductions -in -force. Staff
posted and distributed a Request for Information for Broker -Dealer Services. Wells
Fargo Securities; Jefferies; Piper Jaff ray & Company; and Stifel, Nicolaus & Company
responded. J.P. Morgan Securities, which is under heavy federal oversight, is in the
process of responding. Staff recommends that the City Council approve Wells Fargo,
Jefferies, PiperJaffray, and Stifel, Nicolaus; and conditionally approve J.P. Morgan, as
broker -dealers for the City of Palm Desert.
Staff Report
Approval of New Broker -Dealers
April 28, 2016
Page 5 of 5
Submitted By:
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Thomas J. Metz, Ofiputy City Veasurer
Approved By:
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us n McCarthy, Interim Ci manager
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Reviewed y:
Pau S. Gibson, City Treasurer
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