Front Office Software System Tender
Having adequate internal systems and controls is a requirement of the Financial Conduct Authority, particularly in the case of Lothian Pension Fund’s regulated investment company, LPFI Limited.
United Kingdom-Edinburgh: Industry specific software package
2017/S 174-356579
Contract notice
Services
Directive 2014/24/EU
Section I: Contracting authority
I.1)Name and addresses
Waverley Court, 4 East Market Street
Edinburgh
EH8 8BG
United Kingdom
Contact person: Brian McCreadie
Telephone: +44 1315292160
E-mail: brian.mccreadie@edinburgh.gov.uk
NUTS code: UKM75
Address of the buyer profile: http://www.publiccontractsscotland.gov.uk/search/Search_AuthProfile.aspx?ID=AA00290
I.3)Communication
I.4)Type of the contracting authority
I.5)Main activity
Section II: Object
II.1.1)Title:
Investment Front Office Software System.
II.1.2)Main CPV code
II.1.3)Type of contract
II.1.4)Short description:
The City of Edinburgh Council is administering authority of the Local Government Pension Scheme in Scotland for the Lothian area. Lothian Pension Fund (LPF) carries out specialist activities of investing assets (approximately 7 000 000 000 GBP) and administering benefits of 3 funds on behalf of over 100 contributing employers and over 80 000 members.
As part of the delivery of investment services, internal portfolio managers undertake equity and bond dealing regularly. This is currently managed using a fully manual system utilising Microsoft Excel Spreadsheets.
Having adequate internal systems and controls is a requirement of the Financial Conduct Authority (FCA), particularly in the case of Lothian Pension Fund’s regulated investment company, LPFI Limited. LPF therefore requires an effective and fully functioning ‘Investment Front Office Software System’ in order to ensure the efficiency of its investment management function, whilst at the same time satisfying regulatory requirements.
II.1.6)Information about lots
II.2.2)Additional CPV code(s)
II.2.3)Place of performance
Edinburgh,Scotland.
II.2.4)Description of the procurement:
The City of Edinburgh Council (The Council) is the administering authority of the Local Government Pension Scheme (LGPS) in Scotland for the Lothian area. Lothian Pension Fund (LPF), which is not a separate legal entity from the Council, carries out the specialist activities of investing the assets (approximately 7 000 000 000 GBP) and administering the benefits of 3 funds — Lothian Pension Fund, Lothian Buses Pension Fund and Scottish Homes Pension Fund — on behalf of over 100 contributing employers and over 80 000 members.
LPF also collaborates with other LGPS funds on various projects and it is anticipated that this collaborative activity will continue into the future.
As part of the delivery of investment services to LPF, the internal portfolio managers undertake equity and bond dealing regularly. This is currently managed using a fully manual system utilising Microsoft Excel Spreadsheets. Dealing activity amounts to several hundred million pounds in a typical year. Collaboration with other LGPS funds increases complexity and regulatory requirements increase the compliance and oversight burden, which means that a fully featured trading and portfolio tracking tool should help to mitigate risk and improve efficiency.
Annual trading volumes for LPF internal portfolios have typically ranged between 1 000 — 2 000 trades (per annum) for internal equity portfolios, and 100 — 200 bond trades (per annum) for internal bond portfolios. Typical maximum trading volume figures on a per day basis are 200 trades per day for equities, and 50 trades per day for bonds. Note that these figures are indicative only and may be subject to change in future.
Having adequate internal systems and controls is a requirement of the Financial Conduct Authority (FCA), particularly in the case of Lothian Pension Fund’s regulated investment company, LPFI Limited.
II.2.5)Award criteria
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
The Council intends to award a contract for delivery of the service for an initial period of 4 years. Subject to satisfactory performance and potential future requirements, the Council may wish to extend delivery of the contract for up to 3 additional periods of 1 year each (a total of up to 3 additional years).
II.2.10)Information about variants
II.2.11)Information about options
II.2.13)Information about European Union funds
Section III: Legal, economic, financial and technical information
III.1.2)Economic and financial standing
III.1.3)Technical and professional ability
Section IV: Procedure
IV.1.1)Type of procedure
IV.1.8)Information about the Government Procurement Agreement (GPA)
IV.2.2)Time limit for receipt of tenders or requests to participate
IV.2.4)Languages in which tenders or requests to participate may be submitted:
IV.2.6)Minimum time frame during which the tenderer must maintain the tender
IV.2.7)Conditions for opening of tenders
Section VI: Complementary information
VI.1)Information about recurrence
VI.2)Information about electronic workflows
VI.3)Additional information:
Note: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at http://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=511162
The buyer has indicated that it will accept electronic responses to this notice via the Postbox facility. A user guide is available at http://www.publiccontractsscotland.gov.uk/sitehelp/help_guides.aspx
Suppliers are advised to allow adequate time for uploading documents and to dispatch the electronic response well in advance of the closing time to avoid any last minute problems.
(SC Ref:511162)
Download the ESPD document here: http://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=511162
VI.4.1)Review body
Waverley Court, 4 East Market Street
Edinburgh
EH8 8BG
United Kingdom
Telephone: +44 1314693922Internet address:http://www.edinburgh.gov.uk
VI.4.2)Body responsible for mediation procedures
Waverley Court, 4 East Market Street
Edinburgh
EH8 8BG
United Kingdom
Telephone: +44 1315292160Internet address:http://www.edinburgh.gov.uk
VI.4.3)Review procedure
A tenderer that suffers loss as a result of a breach of duty under the Public Contracts (Scotland) Regulations 2015 may bring proceedings in the Sheriff Court or the Court of Session. The City of Edinburgh Council (the Council) will have a minimum standstill period of 10 days before awarding the contract. The communication of the award decision notice will be sent by fax or e-mail to all tenderers with the standstill period commencing on the next day. If proceedings are started in the Sheriff Court or the Court of Session against the Council in respect of the decision to award the contract within the standstill period then the Council is prevented from awarding the contract. Post contract award the Sheriff Court or the Court of Session may (1) award damages provided proceedings are brought within 3 months from the date when the grounds for the bringing of the proceedings first arose (2) be entitled to issue an ineffectiveness order or impose a financial penalty on the Council. A claim for an ineffectiveness order must be made within 30 days of the Contract Award Notice being published in the OJEU or within 30 days of the date those who expressed an interest in or otherwise bid for the contract were informed of the conclusion of the contract or in any other case within 6 months from the date on which the contract was entered into.
VI.5)Date of dispatch of this notice: