Request for Proposal: Portfolio Manager

I. IZCS General Information

Institución Zoraida Cadavid de Sierra (IZCS) is a nonprofit organization under Colombia's special tax regime, founded in November 1932 as part of Mrs. Zoraida Cadavid de Sierra’s legacy. It manages an international portfolio of $11.4 million, along with local investments and real estate assets.

IZCS promotes growth through education, operating a school and various training programs for youth and early childhood in partnership with allies. Historically, returns from the international portfolio have been reinvested.

The institution's Finance Committee, composed of banking and finance professionals, meets bi-monthly with portfolio managers. The Board of Directors serves as the highest decision-making body, advised by the Finance Committee.

More info: fundacionzoraida.org – Legal & Financial Info

II. Proposal for Portfolio Manager RFP

A. General Information

ZCS seeks a portfolio manager to invest in accordance with its guidelines. The international portfolio is valued at US$11 million. This is a competitive process conducted biennially. Proposal details will remain confidential.

B. Investment Guidelines

• Stocks: Up to 60%, via ETFs or mutual funds, limited to blue-chip companies.
• Fixed Income: Investment grade, may comprise 100% of portfolio.<180i>
• Alternatives: Private equity capped at 15%.
• Real Estate Funds: Limited to 10%.

C. Minimum Eligibility Criteria

• Minimum US$ 50 billion AUM as of December 31, 2024.
• At least 10 years of experience in asset management.

D. RFP Schedule

• Submit proposals to aespitia@fundacionzoraida.org by April 6, 2025 (23:59 Bogotá time).
• Questions can be submitted until March 28, 2025 via the Questions Page.
• Login Required: User: ZORAIDA – Password: Maganer2025!
• Evaluation by Finance Committee: April 15, 2025.

E. Disclaimer & Confidentiality

This RFP does not commit IZCS to award a contract. IZCS may accept, reject, or modify proposals. IZCS assumes no responsibility or obligation toward participants, and proposals may be retained and used regardless of selection outcome. Confidentiality is maintained unless otherwise published.

III. Proposal Content Requirements

1. Company Information

• Legal name, domicile, jurisdiction
• Description of asset management division, AUM, procedures, and personnel
• Market practices or self-regulatory frameworks
• Reporting template and frequency

2. Basic Fee

• Percentage and frequency of charges
• Services included
• Fee calculation basis
• Average Total Expense Ratio

3. Performance Fee

• Alpha-based percentage
• Benchmark (currently: 45% Bloomberg Global Aggregate Hedged USD, 55% MSCI World after tax)
• Frequency and conditions (e.g., high-water mark)

4. Alternative Investments

• Managers and types
• Underlying assets, terms, liquidity
• Associated fees

5. Non-Profit Advisory

• Fundraising strategies
• Endowment services
• Platform and networking opportunities