Dorset County Council Pension Fund Investment Management Arrangement

Dorset County Council Pension Fund Investment Management Arrangement

Manage the investment of one or more of the following specialist portfolios on behalf of Dorset County Pension Fund.

United Kingdom-Dorchester: Pension investment services

2015/S 067-119901

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Dorset County Council
County Hall, Colliton Park
DT1 1XJ Dorchester
UNITED KINGDOM

Internet address(es):

General address of the contracting authority: http://www.dorsetforyou.com

Further information can be obtained from: bfinance
Clareville House, 26-27 Oxendon Street
For the attention of: Julien Barral, Ian Shea
SW1Y 4EL London
UNITED KINGDOM
Telephone: +44 2077478600
E-mail: financialinstitutions@bfinance.com
Fax: +44 2079301540
Internet address: www.bfinance.com

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: bfinance
Clareville House, 26-27 Oxendon Street
For the attention of: Julien Barral, Ian Shea
SW1Y 4EL London
UNITED KINGDOM
Telephone: +44 2077478600
E-mail: financialinstitutions@bfinance.com
Fax: +44 2079301540
Internet address: www.bfinance.com

Tenders or requests to participate must be sent to: bfinance
Clareville House, 26-27 Oxendon Street
For the attention of: Julien Barral, Ian Shea
SW1Y 4EL London
UNITED KINGDOM
Telephone: +44 2077478600
E-mail: financialinstitutions@bfinance.com
Fax: +44 2079301540
Internet address: www.bfinance.com

I.2)Type of the contracting authority

Regional or local authority
I.3)Main activity

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:

Pension Fund Investment Management Arrangement.

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: Dorchester, Dorset, UK.

NUTS code UKK22

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

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

Manage the investment of one or more of the following specialist portfolios on behalf of Dorset County Pension Fund.
1. Global Active Equities for approx. 240 000 000 GBP with preferably one manager. Pooled solutions (must be LGPS compliant with an unhedged sterling share class) and segregated options will be considered.
Type of management:
— Active, Long-only strategies.
— Fundamental discretionary approaches will be preferred over purely systematic strategies.
— No exposure to emerging markets will be allowed.
— Minimum 3 years track record.
— Minimum of 1bn GBP in the proposed strategy and the proposed pooled fund.
2. Global Smart Beta Equities for approx. 240 000 000 GBP with preferably one manager. Pooled solutions (must be LGPS compliant with an unhedged sterling share class) and segregated options will be considered.
Type of management:
— Preference for factor based or fundamental smart beta strategies.
— No exposure to emerging markets will be allowed.
— Minimum 3 years track record.
— Minimum of 1bn GBP in the proposed strategy and the proposed pooled fund.

II.1.6)Common procurement vocabulary (CPV)

66131100

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

The contract is covered by the Government Procurement Agreement (GPA): no

II.1.8)Lots

This contract is divided into lots: yes
Tenders may be submitted for one or more lots

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 assets to be managed are valued at / up to approximately 480 000 000 GBP divided into 2 lots of approximately 240 000 000 GBP for Global Active Equities and 240 000 000 GBP for Global Smart Beta Equities. Two or more managers may be appointed to manage some of these assets.

II.2.2)Information about options

Options: no

II.2.3)Information about renewals

This contract is subject to renewal: no
II.3)Duration of the contract or time limit for completion

Information about lots

Lot No: 1Lot title: Global Active Equities

1)Short description

1. Global Active Equities for approx. 240 000 000 GBP with preferably one manager. Pooled solutions (must be LGPS compliant with an unhedged sterling share class) and segregated options will be considered.
Type of management:
— Active, Long-only strategies.
— Fundamental discretionary approaches will be preferred over purely systematic strategies.
— No exposure to emerging markets will be allowed.
— Minimum 3 years track record.
— Minimum of 1bn GBP in the proposed strategy and the proposed pooled fund.

2)Common procurement vocabulary (CPV)

66131100

3)Quantity or scope

240 000 000 GBP with preferably one manager.
4)Indication about different date for duration of contract or starting/completion
5)Additional information about lots

Lot No: 2Lot title: Global Smart Beta Equities

1)Short description

Global Smart Beta Equities for approx. 240 000 000 GBP with preferably one manager. Pooled solutions (must be LGPS compliant with an unhedged sterling share class) and segregated options will be considered.
Type of management:
— Preference for factor based or fundamental smart beta strategies.
— No exposure to emerging markets will be allowed.
— Minimum 3 years track record.
— Minimum of 1bn GBP in the proposed strategy and the proposed pooled fund.

2)Common procurement vocabulary (CPV)

66131100

3)Quantity or scope

240 000 000 GBP with preferably one manager.
4)Indication about different date for duration of contract or starting/completion
5)Additional information about lots

Section III: Legal, economic, financial and technical information

III.1)Conditions relating to the contract
III.1.1)Deposits and guarantees required:
III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing 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
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 in the tender documentation.

III.2.2)Economic and financial ability

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

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
As detailed in the tender documentation.
III.2.4)Information about reserved contracts
III.3)Conditions specific to services contracts

III.3.1)Information about a particular profession

Execution of the service is reserved to a particular profession: yes
Reference to the relevant law, regulation or administrative provision: Providers must be authorised under the Financial Services and Markets Act 2000 and the Local Government Pension Scheme (Management and Investment of Funds) regulations 2009.
Firms must be FCA authorised or similarly authorised within EEA.
Firms who are willing to obtain FCA or EEA authorisation will be considered.

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
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)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:

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: 7.5.2015

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

14.5.2015 – 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

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

IV.3.8)Conditions for opening of tenders

Date: 14.5.2015

Place:

Clareville House, 26-27 Oxendon Street, SW1Y 4EL, London.

Persons authorised to be present at the opening of tenders: no

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: no

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

It is intended that the contract will continue in force until such time as is determined in accordance with the provisions contained in the contract.
VI.4)Procedures for appeal

VI.4.1)Body responsible for appeal procedures

See section VI.4.2
See section VI.4.2

VI.4.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: Dorset County Pension Fund will incorporate a minimum 10 calendar day stand-still period at the point information on the award of the contract is communicated to tenderers. This period allows unsuccessful tenderers to seek further debriefing from the contracting authority before the contract is entered into. Applicants have 2 working days from the notification of the award decision to request additional debriefing and that information has to be provided a minimum of 3 working days before the expiry of the stand-still period. Such additional information should be required from the contact in Annex A. If an appeal regarding the award of a contract has not been successfully resolved the Public Contracts Regulations 2006 (SI 2006 No.5) provide for aggrieved parties who have been harmed or are at risk of harm by a breach of the rules to take action in the High Court (England, Wales and Northern Ireland). Any such action must be brought promptly (Generally within 3 months). Where a contract has not been entered into, the Court may order the setting aside of the award decision or order the authority to amend any document and may award damages. If the Contract has been entered into, the Court may only award damages.
VI.4.3)Service from which information about the lodging of appeals may be obtained

VI.5)Date of dispatch of this notice:

30.3.2015

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