Investment Management Services Tender Surrey

Investment Management Services Tender Surrey

The trustees of the fund are seeking to appoint a manager for the discretionary management of a single multi-asset mandate fund of approximately 20 000 000 GBP, the Founder’s Endowment Fund .

United Kingdom-Egham: Portfolio management services

2014/S 243-428425

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Royal Holloway and Bedford New College
Egham Hill
Contact point(s): www.rhul.ac.uk/finance/intend/opportunities.html
TW20 0EX Egham
UNITED KINGDOM

Internet address(es):

General address of the contracting authority: www.rhul.ac.uk

Address of the buyer profile: www.rhul.ac.uk/finance/intend/opportunities.html

Further information can be obtained from: The above mentioned contact point(s)

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: The above mentioned contact point(s)

Tenders or requests to participate must be sent to: The above mentioned contact point(s)

I.2)Type of the contracting authority

Body governed by public law

I.3)Main activity

Education

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:

Provision of Investment Management Services.

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

NUTS code UKJ23

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)

The College has a portfolio of investments with a market value of 44 000 000 GBP which is currently invested in the market by 2 investment managers.
The trustees of the fund are seeking to appoint a manager for the discretionary management of a single multi-asset mandate fund of approximately 20 000 000 GBP, the Founder’s Endowment Fund (FEF).

II.1.6)Common procurement vocabulary (CPV)

66140000

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: 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 College has a portfolio of investments with a market value of 44 000 000 GBP which is currently invested in the market by 2 investment managers.
The trustees of the fund are seeking to appoint a manager for the discretionary management of a single multi-asset mandate fund of approximately 20 000 000 GBP, the Founder’s Endowment Fund (FEF). This was created from the sale of 3 pictures from the College’s picture collection and the objective of the FEF is to provide an investment return for the ongoing upkeep and improvement of the picture collection and original grounds and buildings, including the grade one listed Founder’s Building.
The College is seeking a total annual return rate of Retail Price Index (RPI) plus 4 % before fees with a secondary objective of income of at least 3 % per annum to fund the upkeep of the Founder’s building. The target performance will be measured over a 3 to 5 year cycle.
The manager will be expected to demonstrate experience and a track record of:
— successfully operating similar mandates for a range of clients,
— out-performing total return benchmarks over medium and long-term periods,
— balancing investment risk and the investment return objectives,
— controlling the overall costs of investment in addition to the management fees.
The organisation will provide an experienced investment manager and demonstrate how continuity will be maintained, and explain how the investment research resources of the organisation support it in making investment decisions.
It is expected that the manager will attend twice yearly Investment Sub-Committees at the College and report on performance and the outlook for the investments. In addition the manager will be required to provide regular portfolio reports to the College.
The investment of funds must comply with College’s Ethical Investment Policy which precludes the direct investment in FTSE All Share Index stocks in Military and Aerospace where military involvement amounts to more than a third of turnover; pooled funds are not affected by this restriction.
Estimated value excluding VAT: 1 200 000 GBP

II.2.2)Information about options

Options: yes
Description of these options: The Contract will be awarded for a period of 5 years, plus an extension of up to a further 5 years, subject to annual renewal by mutual agreement.
Provisional timetable for recourse to these options:
in months: 60 (from the award of the contract)

II.2.3)Information about renewals

This contract is subject to renewal: yes
Number of possible renewals: 5

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:
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

The performance of the contract is subject to particular conditions: yes
Description of 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: See Tender Documentation

www.rhul.ac.uk/finance/intend/opportunities.html

III.2.2)Economic and financial ability

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

www.rhul.ac.uk/finance/intend/opportunities.html

Minimum level(s) of standards possibly required: — Minimum 5 000 000 GBP Employers Liability Insurance,
— Minimum 5 000 000 GBP Professional Indemnity Insurance,
— The College’s funds (20 000 000 GBP) must not exceed 2 % of the total funds under management (= no less than 1 000 000 000 GBP), or exceed 5 % of total charity funds (= no less than 400 000 000 GBP) under management by the tendering organisation.

III.2.3)Technical capacity

Minimum level(s) of standards possibly required:
— Must be regulated by the Financial Conduct Authority (FCA) and provide evidence,
— Must provide a copy of current AF01/06 Assurance Report, ISAE 3402 Report or SAS70 report regarding internal controls,
— Must have previous related experience in the field of investment management and be able to provide references from 3 recent clients.
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: no

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: no

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

Recourse to staged procedure to gradually reduce the number of solutions to be discussed or tenders to be negotiated no
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:

RHUL/FIN-239

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: 30.1.2015 – 12:00
Payable documents: no

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

30.1.2015 – 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

in days: 90 (from the date stated for receipt of tender)

IV.3.8)Conditions for opening of tenders

Date: 30.1.2015 – 14:00

Place:

Central Procurement Unit

Persons authorised to be present at the opening of tenders: yes
Additional information about authorised persons and opening procedure: College Procurement Manager.
Assistant Director of Procurement ( or their representative).
Finance Director (or their representative).

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: yes
Estimated timing for further notices to be published: The 5 years plus up to 5 years.

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
VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures
VI.4.2)Lodging of appeals
VI.4.3)Service from which information about the lodging of appeals may be obtained

VI.5)Date of dispatch of this notice:

12.12.2014

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