Angelides Hires Firm to Advise on Derivatives

California Treasurer Phil Angelides picked Investment Management Advisory Group to counsel the state on strategies for using derivatives to lower finance costs on as much as $15 billion in bonds.

The company bid $80,000 for 200 hours of work on the California contract, the treasurer’s office said Wednesday.

The firm, known as Image, has advised on $120 billion in transactions since its founding in 1992, said Martin Stallone, a managing partner.