Appointment of a Pension Fund Manager for Strathclyde Pension Fund

Appointment of a Pension Fund Manager for Strathclyde Pension Fund

Glasgow City Council is seeking a manager to manage a multi-asset credit mandate.

United Kingdom-Glasgow: Pension fund management services

2016/S 220-402077

Contract award notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Glasgow City Council as the administering authority for the Strathclyde Pension Fund
Strathclyde Pension Fund Office, PO Box 27001
Contact point(s): Investments
For the attention of: Jacqueline Gillies
G2 9EW Glasgow
United Kingdom
Telephone: +44 1412875186
E-mail: Jacqueline.gillies@fs.glasgow.gov.uk

Internet address(es):

General address of the contracting authority: www.spfo.org.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

Appointment of Pension Fund Manager — Multi-asset credit.

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

Services
Service category No 6: Financial services a) Insurances services b) Banking and investment services
Main site or location of works, place of delivery or of performance: Strathclyde.

NUTS code UKM34

II.1.3)Information about a framework agreement or a dynamic purchasing system (DPS)

II.1.4)Short description of the contract or purchase(s)

Glasgow City Council is seeking a manager to manage a multi-asset credit mandate. The objective of the mandate should be to achieve a return of LIBOR plus 4 % p.a. net of fees. The mandate should be focussed primarily on the high yield debt and syndicated loans markets but may have the freedom to investment in a range of other predominantly liquid debt assets. The manager would have the freedom to invest across the agreed range of debt assets subject to suitable constraints and guidelines. The main purpose of this mandate is to provide exposure to higher yielding credit market beta. We do not envisage that hedge fund strategies or extensive use of leverage to be appropriate. The mandate size has provisionally been set at 300 000 000 GBP. Glasgow City Council reserves the right to alter the value and coverage of the mandate both initially and over the period of the mandate.
Please answer all questions focussing on your multi-asset credit capability.
The following minimum standards are required for this search:
— Tenderers 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;
— Tenderers must be able to comply with appropriate Local Government Pension Scheme (‘LGPS’) regulations;
— Tenderers must provide satisfactory answers to the questions asked in the Council Questions section of the PQQ;
— The preferred approach would be to invest through a segregated mandate. However, the approach must comply with the requirements of the LGPS regulations and as such a pooled fund or bespoke mandate within a pooled wrapper would be considered.

II.1.5)Common procurement vocabulary (CPV)

66141000

II.1.6)Information about Government Procurement Agreement (GPA)

The contract is covered by the Government Procurement Agreement (GPA): yes
II.2)Total final value of contract(s)

II.2.1)Total final value of contract(s)

Value: 450 GBP
Excluding VAT

Section IV: Procedure

IV.1)Type of procedure

IV.1.1)Type of procedure

Restricted
IV.2)Award criteria

IV.2.1)Award criteria

The most economically advantageous tender in terms of
1. People. Weighting 10
2. Philosophy. Weighting 10
3. Process. Weighting 10
4. Corporate capability. Weighting 7
5. Fair work practices. Weighting 3
6. Fees. Weighting 20
IV.2.2)Information about electronic auction
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

Contract notice

Notice number in the OJEU: 2015/S 186-337221 of 25.9.2015

Section V: Award of contract

Contract No: 337221-2015 (2015/S 186-337221) Lot title: Appointment of Pension Fund Manager — Multi-asset credit

V.1)Date of contract award decision:

30.9.2016

V.2)Information about offers

Number of offers received: 7

V.3)Name and address of economic operator in favour of whom the contract award decision has been taken

Oak Hill Advisors (Europe) Llp
45 Pall Mall
SW1Y 5JG London
United Kingdom

V.4)Information on value of contract
V.5)Information about subcontracting

Contract No: 337221-2015 (2015/S 186-337221) Lot title: Appointment of Pension Fund Manager — Multi-asset credit

V.1)Date of contract award decision:

30.9.2016

V.2)Information about offers

Number of offers received: 7

V.3)Name and address of economic operator in favour of whom the contract award decision has been taken

Barings
155 Bishopsgate
EC2M 3XY London
United Kingdom
Internet address: www.barings.com/charities

V.4)Information on value of contract
V.5)Information about subcontracting

Section VI: Complementary information

VI.1)Information about European Union funds

VI.2)Additional information:

(SC Ref:412022)
(SC Ref:470840).
VI.3)Procedures for appeal
VI.3.1)Body responsible for appeal procedures

VI.3.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: Glasgow City Council has incorporate a minimum 10 calendar day standstill period at the point of information on the award of the contract is communicated to the tenderers. This period allows unsuccessful tenderers to seek further debriefing from the contracting authority before the contract is entered into. Such additional information should be acquired from the procurement officer (see details in Section I.1) of the Contract Notice). If an appeal regarding the award of the contract has not been successfully resolved, the Public Contracts (Scotland) Regulations 2012 provide for aggrieved parties who have been harmed or are at risk of harm by a breach of the rule to take action in the Sheriff Court or Court of Session.
VI.3.3)Service from which information about the lodging of appeals may be obtained

VI.4)Date of dispatch of this notice:

11.11.2016

 

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