Tender: UK-London: pension fund management services

Wed, 10/03/2010 - 07:00
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UK-London: pension fund management services

2010/S 48-071133

CONTRACT NOTICE

Services

SECTION I: CONTRACTING AUTHORITY

I.1)NAME, ADDRESSES AND CONTACT POINT(S):
Royal Borough of Kensington and Chelsea, The Town Hall Hornton Street, Attn: Alex Robertson, London W8 7NX, UNITED KINGDOM. Tel. +44 2073613493. E-mail: pension.investment@rbkc.gov.uk. Fax +44 2073613479.

Internet address(es):

General address of the contracting authority: www.rbkc.gov.uk.

Further information can be obtained at: Hymans Robertson LLP, 20 Waterloo Street, Attn: Manager Research Team, Glasgow G2 6DB, UNITED KINGDOM. Tel. +44 1415667919. E-mail: rbkcgesearch@hymans.co.uk. Fax +44 1415667788. URL: www.hymans.co.uk.

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained at: Hymans Robertson LLP, 20 Waterloo Street, Attn: Manager Research Team, Glasgow G2 6DB, UNITED KINGDOM. Tel. +44 1415667919. E-mail: rbkcgesearch@hymans.co.uk. Fax +44 1415667788. URL: www.hymans.co.uk.

Tenders or requests to participate must be sent to: Hymans Robertson LLP, 20 Waterloo Street, Attn: Manager Research Team, Glasgow G2 6DB, UNITED KINGDOM. Tel. +44 1415667919. E-mail: rbkcgesearch@hymans.co.uk. Fax +44 1415667788. URL: www.hymans.co.uk.
I.2)TYPE OF THE CONTRACTING AUTHORITY AND MAIN ACTIVITY OR ACTIVITIES:
Regional or local authority.

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:
Appointment of Pension Fund Investment Manager(s) - Global Equity.
II.1.2)Type of contract and location of works, place of delivery or of performance:
Services.

NUTS code: UKI11.
II.1.3)The notice involves:
A public contract.

II.1.4)Information on framework agreement:

II.1.5)Short description of the contract or purchase(s):
The mandate(s) will be for an active global equity manager(s) for approximate initial value of GBP 300 000 000.

The Investment Committee reserves the right to alter the value of the funds awarded and this may change over time. More than one manager may be appointed.
II.1.6)Common procurement vocabulary (CPV):
66141000.
II.1.7)Contract covered by the Government Procurement Agreement (GPA):
Yes.
II.1.8)Division into lots:
No.
II.1.9)Variants will be accepted:
Yes.
II.2)QUANTITY OR SCOPE OF THE CONTRACT
II.2.1)Total quantity or scope:
The mandate(s) will be for an active global equity manager(s) for approximate initial value of GBP 300 000 000. The mandate is likely to be benchmarked against the MSCI AC World Index. The proposed outperformance target is a minimum of 2.0 % p.a. (gross of fees) over rolling 3 year periods. The proposed tracking error target is 3.0 % to 7.0 % p.a. over rolling 3 year periods.

The Investment Committee reserves the right to alter the value of the funds awarded and this may change over time. More than one manager may be appointed.

Estimated value excluding VAT: 1 200 000,00 GBP.
II.2.2)Options:
No.

II.3)DURATION OF THE CONTRACT OR TIME-LIMIT FOR COMPLETION:

SECTION III: LEGAL, ECONOMIC, FINANCIAL AND TECHNICAL INFORMATION

III.1.1)Deposits and guarantees required:

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

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

III.1.4)Other particular conditions to which the performance of the contract is subject:
No.
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 requirements are met: Providers must be registered in terms of the Financial Services and Markets Act 2000, or equivalent law of European Economic Area (EEA) member state to manage the assets of occupational pension funds. Proof of registration must be provided.

III.2.2)Economic and financial capacity:

III.2.3)Technical capacity:
Information and formalities necessary for evaluating if requirements are met:

Providers should complete a Pre Qualification Questionnaire (PQQ).Please contact Hymans Robertson LLP for a copy of the PQQ. Contact details can be found in Annex A.

Minimum level(s) of standards possibly required:

Services and Markets Act 2000, or equivalent law of European Economic Area (EEA) member state to manage the assets of occupational pension funds. Providers must be able to comply with appropriate LGPS regulations.
III.2.4)Reserved contracts:
No.
III.3)CONDITIONS SPECIFIC TO SERVICES CONTRACTS
III.3.1)Execution of the service is reserved to a particular profession:
Yes.

Providers must be registered under the terms of the Financial Services and Markets Act 2000 or equivalent law of European Economic Area (EEA) member state to manage the assets of occupational pension funds. See III.2.1 above.
III.3.2)Legal entities 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:
Restricted.
IV.1.2)Limitations on the number of operators who will be invited to tender or to participate:
Envisaged minimum number: 5. Maximum number: 20

Objective criteria for choosing the limited number of candidates: Providers will be assessed across 5 factors; Ownership; Business Stability and Focus; People; Performance & Risk and Suitability & Fit.

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

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)An electronic auction will be used:
No.
IV.3)ADMINISTRATIVE INFORMATION

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

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: 6.4.2010 - 10:00.

Payable documents: no.
IV.3.4)Time-limit for receipt of tenders or requests to participate:
6.4.2010 - 12:00.

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

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:

IV.3.8)Conditions for opening tenders:

SECTION VI: COMPLEMENTARY INFORMATION

VI.3)ADDITIONAL INFORMATION:

VI.4.1)Body responsible for appeal procedures:

VI.4.2)Lodging of appeals:
Precise information on deadline(s) for lodging appeals: As per the Public Contracts Regulations 2006.

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