The Jefferson County Commission wants to end its investment advisory services contracts and appoint an in-house committee to do the work, according to the Birmingham News.

The contracts, valued at as much as $300,000, are with Morgan Keegan & Co., the investment banking arm of Birmingham-based Regions Bank, and Cutwater Asset Management in New York.

Commissioner Jimmie Stephens, who oversees the county's finance committee, told the paper that ending the contracts is part of the new commission's strategy to save money.

An investment advisory group composed of Stephens, commission president David Carrington, the county treasurer, the revenue director, and the county's two tax collectors is expected to be created after Jan. 1.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.