The Investment Center of Wisconsin (ICW) is a pooled investment fund specifically designed for Wisconsin local governments. Established in 1984, ICW offers a variety of investment options aimed at preserving capital, providing liquidity, and generating a competitive rate of return for its participants. It operates under the oversight of the Wisconsin Department of Natural Resources and is managed by a private investment firm, currently Baird.
Purpose and Mission: The primary purpose of ICW is to provide Wisconsin municipalities, school districts, technical colleges, and other qualifying local government entities with a convenient and professionally managed avenue for investing their surplus funds. By pooling resources, ICW enables these smaller entities to access investment opportunities and expertise that would otherwise be unavailable or cost-prohibitive. The mission is to maximize returns within a prudent risk framework, adhering to strict regulatory guidelines and prioritizing the safety and security of participants’ capital.
Investment Options: ICW offers two main investment options: the Prime Fund and the Income Fund. The Prime Fund operates like a money market fund, focusing on short-term, high-quality debt instruments such as U.S. Treasury securities, agency securities, and repurchase agreements. It is designed for participants seeking maximum liquidity and a high degree of principal safety. The Income Fund takes a slightly longer-term approach, investing in a wider range of fixed-income securities, including corporate bonds and asset-backed securities, while still maintaining a focus on credit quality. The Income Fund typically offers a higher yield than the Prime Fund, but it also carries a slightly higher level of risk.
Benefits for Participants: ICW provides numerous benefits to Wisconsin local governments. It simplifies the investment process, freeing up staff time and resources. Participants benefit from professional portfolio management and the expertise of experienced investment professionals. The pooled nature of the fund allows for diversification, reducing overall risk. ICW offers competitive returns, often outperforming individual investment strategies managed by local governments. Furthermore, ICW provides daily liquidity, allowing participants to access their funds quickly and easily. Transparency is also a key benefit, with regular performance reports and detailed information on fund holdings available to participants.
Regulation and Oversight: ICW is subject to rigorous regulatory oversight by the Wisconsin Department of Natural Resources and is governed by a Board of Trustees composed of representatives from participating local governments. This ensures that the fund operates in accordance with state laws and regulations, prioritizing the safety and soundness of participants’ investments. Regular audits and compliance reviews are conducted to maintain the highest standards of ethical conduct and financial management.
In conclusion, the Investment Center of Wisconsin plays a crucial role in supporting the financial well-being of Wisconsin’s local governments by providing a safe, convenient, and professionally managed investment platform.
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