FROM: Don Pierce, Chief Investment Officer
SUBJECT: Informational: Cordatius Project Status
RECOMMENDATION:
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Initial findings and recommendations of technology consultant Cordatius LLC for investment management, compliance, and reporting.
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BACKGROUND:
In June 2022, the Board approved an update to the triennial strategic plan that identified an investment document integration portal as a strategic priority with the goal of automating the transfer and storage of key documents for compliance documents, investment proposals, performance reports, capital statements, and other important correspondence. In August 2023, the Board approved an engagement with Cordatius for technology consulting to assist SBCERA in the execution of this goal.
Cordatius has performed an independent analysis of SBCERA's investment office people, processes, and technology across its qualitative knowledge domain. The main goal is to evaluate the current state of the office and recommend improvements for modernization, including the necessary tools, systems, and technologies required to fulfill the RFQ requirements and targets. Cordatius’ initial findings are attached as Exhibit A.
The proposed plan outlined by Cordatius envisions two providers: one to collect documents and another service provider to implement document management. Likely cost ranges for both providers on an ongoing basis as well as implementation costs are outlined in the Cordatius memo. At this point, several vendors have been identified in each category, and the team will move forward with additional investigation.
Finally, as part of their review of the Investment Department’s processes, Cordatius verbally provided other observations for SBCERA’s consideration which fell outside the immediate scope of the RFQ. Staff will evaluate those findings in more detail at a subsequent time.
BUDGET IMPACT:
None.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Don Pierce
ATTACHMENTS:
Exhibit A: Cordatius Memo