Tender for Global Active Equity Managers

Tender for Global Active Equity Managers

The company is looking for global active equity managers to manage a fund in the region of GBP 2 500 000 000. 

United Kingdom-Wolverhampton: Financial and insurance services

2018/S 043-094012

Contract notice

Services

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

LGPS Central Limited
Mander House, Mander Centre
Wolverhampton
WV1 3NB
United Kingdom
Contact person: Mrs Jessica Prince
Telephone: +44 1902556556
E-mail: jessica.prince@wolverhampton.gov.uk
NUTS code: UKGInternet address(es):Main address: http://www.wolverhampton.gov.uk

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

I.2)Joint procurement

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: www.wolverhamptontenders.com
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be submitted electronically via: www.wolverhamptontenders.com

I.4)Type of the contracting authority

Regional or local authority

I.5)Main activity

General public services

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

PP18043 – LGPS Central Global Active Equities

Reference number: DN325005

II.1.2)Main CPV code

66000000

II.1.3)Type of contract

Services

II.1.4)Short description:

LGPS Central Limited is a private company, owned by its investors, responsible for the pooling of nine regional pension plans investments, responsible for AUM in the region of GBP 40 000 000 000. The company received authorisation from the FCA in January 2018. The company is looking for global active equity managers to manage a fund in the region of GBP 2 500 000 000. Successful candidates will be able to demonstrate:

— consistent, robust, repeatable, investment process,

— responsible investment at the heart of the investment process,

— concentrated portfolio,

— low, fully transparent costs,

— full transparency (look through) with the ACS custodian.

II.1.5)Estimated total value

Value excluding VAT: 37 000 000.00 GBP

II.1.6)Information about lots

This contract is divided into lots: no
II.2)Description
II.2.1)Title:
II.2.2)Additional CPV code(s)

II.2.3)Place of performance

NUTS code: UKG

II.2.4)Description of the procurement:

The key objectives of the LGPS Central pool are to:

— meet the investment objectives of the partner funds,

— establish a collaborative platform through which administering authorities of the partner Funds can aggregate their pension assets, with a view to providing scale economies and improved investment efficiency,

— create capacity to invest in asset classes which individual funds may find difficult to access,

— stimulate innovation, and provide an opportunity for funds to engage with the investment industry in finding new and creative approaches to the funding challenges faced by the LGPS (and the wider pensions sector),

— act as a responsible, long-term investor, using its influence as a shareholder to promote the highest standards of corporate stewardship.

The company is looking for global active equity managers to manage a fund in the region of GBP 2 500 000 000. Successful candidates will be able to demonstrate:

— consistent, robust, repeatable, investment process,

— responsible investment at the heart of the investment process,

— concentrated portfolio,

— low, fully transparent costs,

— full transparency (look through) with the ACS custodian.

The process is a competitive dialogue process that will be fair, transparent and non-discriminatory. The procurement process will have two stages. The first stage is a selection process to select a shortlist of between 10 and 15 bidders. For the first stage bidders are required to complete a selection questionnaire and return using the e-tendering portal at www.wolverhamptontenders.com and searching for ‘PP18043 — LGPS Central global active equities’.

The partnership is made up of the local authority pension schemes of Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Staffordshire, Shropshire, West Midlands, Worcestershire and West Midlands ITA.

LGPS Central Limited reserves the right to cancel the procurement process at any stage for any reason; to amend the terms and conditions; and/or to vary the scope of the services required and it shall not be liable to any bidder as a result of this action. All bidders are solely responsible for their costs and expenses incurred in connection with the preparation and submission of their proposal.

Any agreement entered into will be governed by English and Welsh law and will be subject to the exclusive jurisdiction of the English Courts.

Please note that the Authority considers that the services being required pursuant to this notice are services which are exempt from the Public Contracts Regulations (and Directive 2014/24/EU of the European Parliament and of the Council) as being comprised of services falling within the exemption in regulation 10(1)(e) of the Public Contracts Regulations 2015. Accordingly this represents a voluntary contract notice only and not one which it is required to publish to comply with the Public Contracts Regulations. Its decision to issue this notice in the official journal should not be taken to indicate any intention to follow the negotiated procedure or any other procedure or comply with any requirements under the Public Contracts Regulations 2015 (or the Directive), nor will it be (irrespective of this notice) under any obligation to do so.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 37 000 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 125
This contract is subject to renewal: no
II.2.9)Information about the limits on the number of candidates to be invited

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information

Section III: Legal, economic, financial and technical information

III.1)Conditions for participation
III.1.1)Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers

III.1.2)Economic and financial standing

Selection criteria as stated in the procurement documents

III.1.3)Technical and professional ability

Selection criteria as stated in the procurement documents
III.1.5)Information about reserved contracts
III.2)Conditions related to the contract
III.2.1)Information about a particular profession
III.2.2)Contract performance conditions:
III.2.3)Information about staff responsible for the performance of the contract

Section IV: Procedure

IV.1)Description

IV.1.1)Type of procedure

Competitive dialogue
IV.1.3)Information about a framework agreement or a dynamic purchasing system

IV.1.4)Information about reduction of the number of solutions or tenders during negotiation or dialogue

Recourse to staged procedure to gradually reduce the number of solutions to be discussed or tenders to be negotiated
IV.1.6)Information about electronic auction

IV.1.8)Information about the Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: no
IV.2)Administrative information
IV.2.1)Previous publication concerning this procedure

IV.2.2)Time limit for receipt of tenders or requests to participate

Date: 04/04/2018
Local time: 12:00

IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates

Date: 28/02/2018

IV.2.4)Languages in which tenders or requests to participate may be submitted:

English
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

This is a recurrent procurement: no
VI.2)Information about electronic workflows

VI.3)Additional information:

Bidders can access the Selection questionnaire at www.wolverhamptontenders.com and search for ‘PP18043 — LGPS Central global active equities’.

LGPS Central Limited reserves the right to cancel the procurement process at any stage for any reason; to amend the terms and conditions; and/or to vary the scope of the services required and it shall not be liable to any bidder as a result of this action. All bidders are solely responsible for their costs and expenses incurred in connection with the preparation and submission of their proposal.

VI.4)Procedures for review

VI.4.1)Review body

Director of Governance, Wolverhampton City Council
Civic Centre, St. Peter’s Square
Wolverhampton
WV1 1RL
United Kingdom
E-mail: legal.support@wolverhampton.gov.uk
VI.4.2)Body responsible for mediation procedures
VI.4.3)Review procedure
VI.4.4)Service from which information about the review procedure may be obtained

VI.5)Date of dispatch of this notice:

28/02/2018

 

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