Bernalillo County has a new investment adviser on board to help decide how to restructure the county’s investment portfolio.
The $250 million portfolio has lost about $17 million in value, and county executives say too much of the county’s cash is tied up in longterm investments.
The County Commission and County Treasurer Manny Ortiz have sometimes been at odds over what to do about it. But they both agreed to Tuesday’s hiring of the firm Public Trust Advisors.
The company will receive about $75,000 a year under its new contract.
“I am pleased that the treasurer was part of the process to select an investment advisor,” Commission Chairwoman Debbie O’Malley said in a news release. “I’m looking forward to working with him and the administration’s finance team to restructure the investment portfolio in the best interest of all Bernalillo County residents.”