The Northwest Indiana Regional Development Authority has picked a local wealth management firm to handle its investments

The authority on Tuesday approved hiring Scannell Wealth Management Group, of Valparaiso, to keep its treasury growing when funds are not in use on local transportation projects.

"We'd like to get a better bang for the buck, if we can," said RDA Executive Director Tim Sanders.

Scannell Wealth Management was one of three firms to respond to an RDA request for proposals to handle the authority's investments, Sanders said. Harris Bank and JP Morgan Chase also submitted proposals.

Harris Bank and JPMorgan Chase already serve as the RDA's bankers, along with Horizon Bank.

The RDA currently has about $38 million in its treasury, according to Sanders. Some money has been invested regularly in 30-day CDs. A professional wealth manager will be able to diversify investments, Sanders said.

Scannell Wealth Management is owned by Tim Scannell. The firm specializes in investment strategies for independent business owners and physicians. It counts several prominent region business owners among its clients, who also serve on its advisory board.