Islington Council Pension Fund Management Services

Islington Council Pension Fund Management Services

London Borough of Islington Pension Fund Management Services – Emerging and Frontier Markets Exposure.

United Kingdom-London: Financial and insurance services

2016/S 096-172658

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Islington
7 Newington Barrow Way
Contact point(s): Strategic Procurement
For the attention of: Mrs Sara Montague
N7 7EP London
UNITED KINGDOM
Telephone: +44 2075278118
E-mail: procurement@islington.gov.uk
Fax: +44 2075273013

Internet address(es):

General address of the contracting authority: http://www.islington.gov.uk/

Address of the buyer profile: http://www.islington.gov.uk/

Electronic access to information: https://procontract.due-north.com

Electronic submission of tenders and requests to participate: https://procontract.due-north.com

Further information can be obtained from: Islington
7 Newington Barrow Way
Contact point(s): Strategic Procurement
For the attention of: Mrs Sara Montague
N7 7EP London
UNITED KINGDOM
Telephone: +44 2075278118
E-mail: procurement@islington.gov.uk
Fax: +44 2075273013

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: Islington
7 Newington Barrow Way
Contact point(s): Strategic Procurement
For the attention of: Mrs Sara Montague
N7 7EP London
UNITED KINGDOM
Telephone: +44 2075278118
E-mail: procurement@islington.gov.uk
Fax: +44 2075273013

Tenders or requests to participate must be sent to: Islington
7 Newington Barrow Way
Contact point(s): Strategic Procurement
For the attention of: Mrs Sara Montague
N7 7EP London
UNITED KINGDOM
Telephone: +44 2075278118
E-mail: procurement@islington.gov.uk
Fax: +44 2075273013

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 by the contracting authority:

1617-0028 — London Borough of Islington Pension Fund Management Services – Emerging and Frontier Markets Exposure.

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 UK

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 London Borough of Islington Pension fund (the ‘Fund’) is seeking expressions of interest from investment managers that have the capability to manage c. 60 000 000 GBP of its assets on an active basis within both emerging and frontier markets.
Current status / Background
The Fund currently has a c. 7 % allocation to emerging market equity through two passive mandates (following respectively a market capitalisation and a fundamental indexation approach). The Pensions Sub-Committee agreed to reduce this allocation to c.6 % but also to evolve the allocation to move to an active emerging markets mandate that has significant exposure to frontier markets. It has also agreed to consider both debt and equity products as well as multi-asset funds
The requirement
At this stage, applications will be accepted from managers who manage equity, bond, multi-asset or other mandates from these markets. The Fund is not interested in stand-alone emerging markets only or frontier markets only products. The Fund has discretion to amend the size of the investment and mandate requirements.
The appointed investment manager(s) will be expected to manage the assets in accordance with the Local Government Pension Scheme regulations.

II.1.6)Common procurement vocabulary (CPV)

66000000, 66100000, 66520000

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

The contract is covered by the Government Procurement Agreement (GPA): no
II.1.8)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 London Borough of Islington Pension fund (the ‘Fund’) is seeking expressions of interest from investment managers that have the capability to manage c. 60 000 000 GBP of its assets on an active basis within both emerging and frontier markets.
The requirement
At this stage, applications will be accepted from managers who manage equity, bond, multi-asset or other mandates from these markets. The Fund is not interested in stand-alone emerging markets only or frontier markets only products. The Fund has discretion to amend the size of the investment and mandate requirements.
The appointed investment manager(s) will be expected to manage the assets in accordance with the Local Government Pension Scheme regulations.
Estimated value excluding VAT: 60 000 000 GBP

II.2.2)Information about options

Options: no

II.2.3)Information about renewals

This contract is subject to renewal: yes
In the case of renewable supplies or service contracts, estimated timeframe for subsequent contracts:
in days: 96 (from the award of the contract)

II.3)Duration of the contract or time limit for completion

Duration in months: 96 (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:

As outlined in the tender documents — 1617-0028.

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

As outlined in the tender documents — 1617-0028.

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

As outlined in the tender documents — 1617-0028.

III.1.4)Other particular conditions

The performance of the contract is subject to particular conditions: 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 the requirements are met: As outlined in the tender documents — 1617-0028.

III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: As outlined in the tender documents — 1617-0028.
Minimum level(s) of standards possibly required: As outlined in the tender documents — 1617-0028.

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
As outlined in the tender documents — 1617-0028.
Minimum level(s) of standards possibly required:
As outlined in the tender documents — 1617-0028.
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: Reservation and Qualification a) Reserved for a Particular Profession Yes. Requests to participate will only be accepted from organisations authorised by the Financial Conduct Authority to conduct investment business in the United Kingdom (or overseas equivalent thereof). b) Law, Regulation or Administrative Provision Financial Services and Markets Act 2000 as amended (or overseas equivalent thereof).

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

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 below

1. Written Proposal on investment process, idea generation, portfolio construction and implementation. Weighting 25

2. Presentation on proposal on corporate structure, ownership of organisation and competitive. Weighting 5

3. Presentation on investment process, idea generation, portfolio construction and implementation. Weighting 5

4. Written proposal on approach to Governance. Weighting 15

5. Written proposal on Strategy. Weighting 15

6. Presentation on approach to Governance. Weighting 5

7. Presentation on proposed strategy. Weighting 5

8. Cost. Weighting 15

9. Written proposal on corporate structure, ownership of organisation and competitive. Weighting 10

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:

1617-0028
IV.3.2)Previous publication(s) concerning the same contract

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: 20.6.2016 – 11:59
Payable documents: no

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

20.6.2016 – 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 of tenders

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: yes
Estimated timing for further notices to be published: January 2021.

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

Contract Period The contract is expected to run for 60 months (5 years) with the option to extend up to a further 36 months (3 years) to delivery of performance targets with regular performance reviews. However, under the Local Government Pension Scheme regulations, the Fund may terminate the contract at any time. Contract Value The estimated total value of assets to be managed on behalf of the ‘Fund’ is in the region of 60 000 000 GBP at commencement of management. Qualifications The awarding authority has retained Mercer to advise on the selection process and so will be able to access all of the information held on Mercer’s Global Investment Manager Database (‘GIMD’) (www.mercergimd.com). The selection process, including the initial decision on which managers are to be invited to proceed to the next stage, will rely on information provided in GIMD. We recommend therefore that candidates ensure that the input they have submitted to GIMD is up to date for the proposed strategies or products. If the information in GIMD is not up to date, the candidate’s application may be disadvantaged. Suppliers shortlisted will be required to participate in a due diligence clarification review to verify submitted material. The clarification will be with the Council, agents of the Council, or both, on the supplier’s premises. Shortlisted suppliers will be required to attend an interview as part of a weighted selection process (see below), to be held in the Council’s premises. Award criteria The contract will be awarded to the Most Economically Advantageous Tender (MEAT) in accordance with the Public Contracts Regulations. MEAT for this contract is weighted quality 85 % and cost 15 %. Further details will be provided in the invitation to tender. Cost 15 % Quality 85 % Quality made up of: Written Proposal on investment process, idea generation, portfolio construction and implementation. 25 % Presentation on the above — 5 % Written proposal on Strategy 15 % Presentation on the above 5 % Written proposal on corporate structure, ownership of organisation and competitive edge 10 % Presentation on the above 5 % Written proposal on approach to Governance 15 % Presentation on the above 5 % Total 100 % Tenderers should be aware that we reserve the right to hold site visits and/or presentations and/or interviews during the tender process. Site visits and/or presentations and/or interviews will be for verification/clarification purposes of the written submission. Tenderers will be notified in advance of the dates. We reserve the right to interview leading bidders. Procurement Process This contract is over the Official Journal of the European Union (OJEU) threshold in terms of monetary value. This contract will be procured using the Open Procedure. The Open Procedure means that all bidders who successfully express an interest will automatically be invited to tender and have access to the tender documents. Those who submit a tender and meet the minimum requirements will have their full tender, method statements and pricing evaluated. Further information in tender pack.

VI.4)Procedures for appeal

VI.4.1)Body responsible for appeal procedures

Islington Council
7 Newington Barrow Way
N7 7EP London
UNITED KINGDOM
E-mail: procurement@islington.gov.uk
Telephone: +4 2075278118
Internet address: http://www.islington.gov.uk/

VI.4.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: http://www.islington.gov.uk/

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

Islington Council
7 Newington Barrow Way
N7 7EP London
UNITED KINGDOM
E-mail: procurement@islington.gov.uk
Telephone: +4 2075278118
Internet address: http://www.islington.gov.uk/

VI.5)Date of dispatch of this notice:

17.5.2016

 

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