Directive 2004/18/EC

Section I: Contracting authority

• I.1) Name, addresses and contact point(s)

  Wirral Borough Council
  Corporate Procurement, Municipal Building, Cleveland Street
  Birkenhead
  CH41 6BU
  UNITED KINGDOM

  Internet address(es):

  General address of the contracting authority: www.the-chest.org.uk

  Address of the buyer profile: www.wirral.gov.uk

• I.2) Type of the contracting authority

  Regional or local authority

• I.3) Main activity

  General public services

• I.4) Contract award on behalf of other contracting authorities

  The contracting authority is purchasing on behalf of other contracting authorities: no

Section II: Object of the contract

• II.1) Description

  • II.1.1) Title attributed to the contract by the contracting authority:

    Passive Investment Management Services for the Merseyside Pension Fund.

  • II.1.2) Type of contract and location of works, place of delivery or of performance

    Services

    Service category No 6: Financial servicesa)Insurances services b)Banking and investment services

    Main site or location of works, place of delivery or of performance: Within the north west of England.

    NUTS code UKD5

  • II.1.3) Information about a public contract, a framework agreement or a dynamic purchasing system (DPS)

    The notice involves a public contract

  • II.1.4) Information on framework agreement

    Not provided

  • II.1.5) Short description of the contract or purchase(s)

    Merseyside Pension Fund (the fifth largest fund making up the UK's Local Government Pension Scheme) is seeking to appoint one or more investment managers to a passive mandate, comprising of 28 % of the 5 billion GBP Fund's strategic asset allocation. The mandate will be multi-asset class, consisting of approximately 400 000 000 GBP UK Equities, 400 000 000 GBP North American Equities and 600 000 000 GBP UK Index Linked Gilts. The term of the mandate will be for 5 years, with an option to extend by a further 5 years. The successfully appointed managers will also be expected to assist the Fund, from time to time, with re-balancing activities including transition management and temporary management of assets across a range of asset classes (including European ex UK Equities, Japanese Equities, Asia-Pacific ex Japan Equities, Global Emerging Markets Equities, UK Gilts & UK Corporate Bonds). The managers will be remunerated by means of an annual charge based on the value of assets under management. Further details of the mandate are available in the tender document.

  • II.1.6) Common procurement vocabulary (CPV)

    66120000, 66520000, 66100000, 66141000, 66523100

  • II.1.7) Information about Government Procurement Agreement (GPA)

    The contract is covered by the Government Procurement Agreement (GPA): yes

  • II.1.8) Lots

    This contract is divided into lots: no

  • II.1.9) Information about variants

    Variants will be accepted: no

• II.2) Quantity or scope of the contract

  • II.2.1) Total quantity or scope:

    The exact size of the mandate will be affected by market movements. However, as a guide, the total size of the passive mandate is expected to be approximately of 1,000m GBP to 1,500m GBP.

    The index tracking mandate is expected to cover the following areas:

    Asset Class Benchmark.

    UK Equities FTSE All Share Index.

    UK Index Linked Gilts FTSE UK Gilts Index Linked All Stocks.

    North American Equities FTSE AW North America.

    It should however be noted that whilst the mandate is initially on the basis of these areas, the Fund may wish to expand to further regions / asset classes at a later stage.

    The split of the mandate between the three areas is approximately 30 % UK Equities, 40 % UK Index Linked Gilts and 30 % North American Equities.

  • II.2.2) Information about options

    Options: yes

    Description of these options: There is an option to extend the contract for a further five years, beyond the initial term (i.e: 5 + 5).

  • II.2.3) Information about renewals

    This contract is subject to renewal: yes

    Number of possible renewals: 1

• II.3) Duration of the contract or time limit for completion

  Duration in months: 60 (from the award of the contract)

Section III: Legal, economic, financial and technical information

• III.1) Conditions relating to the contract

  • III.1.1) Deposits and guarantees required:

    As detailed within the tender documents.

  • III.1.2) Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:

    As detailed within the tender documents.

  • III.1.3) Legal form to be taken by the group of economic operators to whom the contract is to be awarded:

    As detailed within the tender documents.

  • III.1.4) Other particular conditions

    The performance of the contract is subject to particular conditions: yes

    Description of particular conditions: As detailed within the tender documents.

• III.2) Conditions for participation

  • III.2.1) Personal situation of economic operators, including requirements relating to enrolment on professional or trade registers

    Information and formalities necessary for evaluating if the requirements are met: As detailed within the tender documents.

  • III.2.2) Economic and financial ability

    Information and formalities necessary for evaluating if the requirements are met: As detailed within the tender documents.

    Minimum level(s) of standards possibly required: As detailed within the tender documents.

  • III.2.3) Technical capacity

    Information and formalities necessary for evaluating if the requirements are met:

    As detailed within the tender documents.

    Minimum level(s) of standards possibly required:

    As detailed within the tender documents.

  • III.2.4) Information about reserved contracts

    Not provided

• III.3) Conditions specific to services contracts

  • III.3.1) Information about a particular profession

    Not provided

  • III.3.2) Staff responsible for the execution of the service

    Legal persons should indicate the names and professional qualifications of the staff responsible for the execution of the service: yes

Section IV: Procedure

• IV.1) Type of procedure

  • IV.1.1) Type of procedure

    Open

  • IV.1.2) Limitations on the number of operators who will be invited to tender or to participate

    Not provided

  • IV.1.3) Reduction of the number of operators during the negotiation or dialogue

    Not provided

• IV.2) Award criteria

  • IV.2.1) Award criteria

    The most economically advantageous tender in terms of the criteria stated in the specifications, in the invitation to tender or to negotiate or in the descriptive document

  • IV.2.2) Information about electronic auction

    An electronic auction will be used: no

• IV.3) Administrative information

  • IV.3.1) File reference number attributed by the contracting authority:

    NWCE8VTPHC

  • IV.3.2) Previous publication(s) concerning the same contract

    no

  • IV.3.3) Conditions for obtaining specifications and additional documents or descriptive document

    Time limit for receipt of requests for documents or for accessing documents: 29.8.2012 - 12:00

    Payable documents: no

  • IV.3.4) Time limit for receipt of tenders or requests to participate

    29.8.2012 - 12:00

  • IV.3.5) Date of dispatch of invitations to tender or to participate to selected candidates

    12.7.2012

  • IV.3.6) Language(s) in which tenders or requests to participate may be drawn up

    English.

  • IV.3.7) Minimum time frame during which the tenderer must maintain the tender

    Duration in months: 6 (from the date stated for receipt of tender)

  • IV.3.8) Conditions for opening tenders

    Date: 29.8.2012 - 12:00

    Persons authorised to be present at the opening of tenders: yes

    Additional information about authorised persons and opening procedure: Members and/or Officers of Wirral Borough Council.

Section VI: Complementary information

• VI.1) Information about recurrence

  Not provided

• VI.2) Information about European Union funds

  The contract is related to a project and/or programme financed by European Union funds: no

• VI.3) Additional information

  Wirral Borough Council has appointed Mercer Limited to assist with this procurement process.

• VI.4) Procedures for appeal

  • VI.4.1) Body responsible for appeal procedures

    Not provided

  • VI.4.2) Lodging of appeals

    Not provided

  • VI.4.3) Service from which information about the lodging of appeals may be obtained

    Not provided

• VI.5) Date of dispatch of this notice:

  12.7.2012