University of Reading Contract for Investment Manager for Endowment Funds

University of Reading Contract for Investment Manager for Endowment Funds

The University of Reading has a number of endowment assets held across a variety of classes, including agricultural land and investment properties, as well as more traditional endowment funds.

United Kingdom-Reading: Banking and investment services

2019/S 164-402814

Contract notice

Services

Legal Basis:

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

University of Reading
Whiteknights Campus
Reading
RG6 6AB
United Kingdom
Contact person: Chriss Harrison
E-mail: procurement@reading.ac.uk
NUTS code: UKJ11
Internet address(es):Main address: www.reading.ac.uk

I.2)Information about joint procurement

I.3)Communication

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

I.4)Type of the contracting authority

Body governed by public law

I.5)Main activity

Education

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

Contract for Investment Manager for Endowment Funds

Reference number: UOR/EU/19/002

II.1.2)Main CPV code

66100000

II.1.3)Type of contract

Services

II.1.4)Short description:

The University of Reading has a number of endowment assets held across a variety of classes, including agricultural land and investment properties, as well as more traditional endowment funds. The total amount held within these endowment funds (mainly equities and bonds) totalled 122 800 000 GBP at 31.7.2019. The University of Reading and its associated Trusts and subsidiaries (the ‘University Group’), will appoint the bidder who can manage the 120 000 000 GBP+ of endowment portfolios as currently constituted, but with the capacity and expertise to expand the remit if required to include other classes of asset (such as private equity and infrastructure assets). This tender is for investment manager only, but the University is also interested in certain additional services. This is investment advice on a wider portfolio of assets. To this end, a second optional section and series of questions has been included.

II.1.5)Estimated total value

Value excluding VAT: 4 200 000.00 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)

66100000

II.2.3)Place of performance

NUTS code: UKJ11
Main site or place of performance:

II.2.4)Description of the procurement:

The University of Reading has a number of endowment assets held across a variety of classes, including agricultural land and investment properties, as well as more traditional endowment funds. The total amount held within these endowment funds (mainly equities and bonds) totalled 122 800 000 GBP at 31.7.2019. The University of Reading and its associated Trusts and subsidiaries (the ‘University Group’), will appoint the bidder who can manage the 120 000 000 GBP+ of endowment portfolios as currently constituted, but with the capacity and expertise to expand the remit if required to include other classes of asset (such as private equity and infrastructure assets). This tender is for investment manager only, but the University is also interested in certain additional services. This is investment advice on a wider portfolio of assets. To this end, a second optional section and series of questions has been included. This section is not compulsory, but should prospective managers answer these questions they will carry an overall weighting of 10 % in the final scoring. This is the additional value that the University places on these investment advisor services. However, the University does not want to dissuade interest from those only looking to manage the core endowment funds portfolio, and therefore the weighting of 90 % reflects the fact that this is the key focus of the tender.

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

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

Start: 06/01/2020
End: 05/01/2025
This contract is subject to renewal: yes
Description of renewals:

Initial contract period for 5 years with the option to extend for a further 5 years.

II.2.9)Information about the limits on the number of candidates to be invited

Envisaged number of candidates: 5

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

List and brief description of conditions:

As detailed in the tender documents.

III.1.2)Economic and financial standing

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

Restricted procedure
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
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: yes
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: 26/09/2019
Local time: 12:00

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

Date: 10/10/2019

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: yes
VI.2)Information about electronic workflows
VI.3)Additional information:
VI.4)Procedures for review

VI.4.1)Review body

University of Reading
Reading
Berkshire
United Kingdom
E-mail: procurement@reading.ac.ukInternet address: www.reading.ac.uk/procurement
VI.4.2)Body responsible for mediation procedures

VI.4.3)Review procedure

Precise information on deadline(s) for review procedures:
VI.4.4)Service from which information about the review procedure may be obtained

VI.5)Date of dispatch of this notice:

22/08/2019