The Marianas Public Lands Trust board unanimously selected last night the financial advising firm Raymond James as its investment consultant.
Acting MPLT chair Herman Deleon Guerrero signed the contract with the investment consultant after the vote during a break in their public meeting on Capital Hill last night.
According to board member Pete Cruz, Raymond James was the highest-rated consultant out of five bids received following a competitive request for proposals.
The board met two weeks ago with representatives of Raymond James in Honolulu.
During the board meeting, Cruz noted that their former consultant, Morgan Stanley, had given the trustees until Dec. 30 to find an investment consultant.
The Raymond James team, though, will be made up of the same team that previously advised the board. Morgan Stanley is transitioning its practices under Raymond James and Associates, according to the Wall Street Journal in June.
“Raymond James happens to be familiar faces,” Cruz said at the board meeting.
“Services is what we are after and they meet the services.”