Consider and take appropriate action to approve recommended Fiscal Year 2027 Broker/Dealer Applicants for conducting investment business with Travis County. (Judge Brown)

Staff Report & Agenda Item Details

<span style="font-size: 14px;">Approve the following broker/dealers to conduct investment business with Travis County:<br><br><u>Primary Broker/Dealers</u><br>Daiwa Capital Markets America Inc.            RBC Wealth Management,<br>Jefferies                                                          a division of RBC Capital Markets<br>Wells Fargo Securities, LLC      <br>                        <br><u>Secondary Broker/Dealers</u><br>Academy Securities                                    Multi-Bank Securities, Inc<br>Bancroft Capital LLC                                  KeyBanc Capital Markets Inc.<br>Drexel Hamilton LLC                                  Samuel A. Ramirez & Co., Inc.<br>CastleOak Securities L.P.                           StoneX Financial, Inc.<br>FHN Financial Capital Markets                  Stifel, Nicolaus & Co., Inc.<br>InspereX LLC<br><br></span><span style="font-family: Arial, sans-serif; font-size: 14px;">The Public Funds Investment Act, Section 2256.025, requires that “the entity shall, at least annually review, revise, and adopt a list of qualified brokers that are authorized to engage in investment transactions with the entity”. The Travis County Investment Policy and Procedures Manual, Chapter 23, section 23.043-23.047 also specifies the procedures that must be followed in the selection process of broker/dealers. </span><span style="font-size: 14px;"><br></span><span style="font-family: Arial, sans-serif; font-size: 14px;"> </span><span style="font-size: 14px;"><br></span><span style="font-family: Arial, sans-serif; font-size: 14px;">All of the applications were reviewed for compliance with Approval of Broker/Dealer/Financial Applications Sections 23.043 through 23.047 of the Travis County Investment Policy and Procedures by the Investment Management staff. Primary dealers have been approved by the Federal Reserve Bank of New York as large, financially sound firms. For secondary dealers, Investment Management requires additional information and completes a more thorough review, taking other criteria into consideration. These criteria include debt to equity ratios, total assets, regulatory and other actions recorded by the Financial Industry Regulatory Authority (FINRA) against the firm and/or individual, as well as references from other governmental entities, and experience. Past performance of individual brokers is taken into consideration for current broker/dealers.</span><span style="font-size: 14px;"><br></span><span style="font-family: Arial, sans-serif; font-size: 14px;"> </span><span style="font-size: 14px;"><br><strong><u><span style='font-family:"Arial",sans-serif;'>Investment Officers’ Recommendations and Issues</span></u></strong><br></span><span style="font-family: Arial, sans-serif; font-size: 14px;"> </span><span style="font-size: 14px;"><br><u><span style='font-family:"Arial",sans-serif;'>Primary Broker/Dealers</span></u></span><span style="font-family: Arial, sans-serif; font-size: 14px;"> </span><span style