Appointment of Pension Fund Manager for Essex Pension Fund

Essex Pension Fund are seeking to appoint an investment manager for a global property mandate of approximately 250 000 000 GBP.

United Kingdom-Chelmsford: Pension fund management services

2018/S 221-506980

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Essex Pension Fund
PO Box 11, County Hall
Contact point(s): Investment Research Team
For the attention of: Adam Porter
CM1 1LX Chelmsford
United Kingdom
Telephone: +44 2070826243
E-mail: essexglobalpropertysearch@hymans.co.uk

Internet address(es):

General address of the contracting authority: www.essexcc.gov.uk

Further information can be obtained from: Hymans Robertson LLP
20 Waterloo Street
Contact point(s): Adam Porter
For the attention of: Manager Research Team
G2 6DB Glasgow
United Kingdom
Telephone: +44 2070826243
E-mail: essexglobalpropertysearch@hymans.co.uk
Internet address: www.hymans.co.uk

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: Hymans Robertson LLP
20 Waterloo Street
Contact point(s): Adam Porter
For the attention of: Manager Research Team
G2 6DB Glasgow
United Kingdom
Telephone: +44 2070826243
E-mail: essexglobalpropertysearch@hymans.co.uk
Internet address: www.hymans.co.uk

Tenders or requests to participate must be sent to: Hymans Robertson LLP
20 Waterloo Street
Contact point(s): Adam Porter
For the attention of: Manager Research Team
G2 6DB Glasgow
United Kingdom
Telephone: +44 2070826243
E-mail: essexglobalpropertysearch@hymans.co.uk
Internet address: www.hymans.co.uk

I.2)Type of the contracting authority

Regional or local authority

I.3)Main activity

Economic and financial affairs

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:

Appointment of Pension Fund Manager — Global Property

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
Main site or location of works, place of delivery or of performance: Essex

NUTS code UKH3

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)

Essex Pension Fund are seeking to appoint an investment manager for a global property mandate of approximately 250 000 000 GBP. The Council reserves the right to alter the value and the length of the contract.

II.1.6)Common procurement vocabulary (CPV)

66141000

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

The contract is covered by the Government Procurement Agreement (GPA): yes

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:

Essex Pension Fund are seeking to appoint an investment manager for a global property mandate of approximately 250 000 000 GBP.
— The manager must be able to demonstrate a global perspective on real estate and be able to give objective advice on global real estate markets (private and public) and on investment timing.
— This will be a single appointment, allocations to country and regionally focused strategies are expected to be managed by the successful candidate within this mandate.
— Whilst not necessary, a small allocation to real estate debt and/or listed real estate may be allowed but will not represent more than 20 % of the mandate.
— Any allocations to debt strategies or listed markets would be managed by the successful candidate.
— To apply, candidates must already manage at least 1 500 000 000 GBP of real estate globally, with at least 500 000 000 GBP invested in Europe, 500 000 000 GBP invested in North America and 300 000 000 GBP invested in Asia Pacific.
— The successful manager must have at least 3 experienced real estate professionals based in each of the three main regions.
— The proposed investment solution must not have any direct allocation to properties within the areas encompassed by Essex County Council, Thurrock or Southend on Sea unitary councils.
— Separate accounts, open-ended funds and closed-ended solutions will be considered.
— Managers and their investment strategies will need to be able to comply with the appropriate LGPS regulations.
— The Council reserves the right to alter the value of the funds awarded and this may change over time.
— The Council reserves the right to alter the length of the contract.

II.2.2)Information about options

Options: no

II.2.3)Information about renewals

This contract is subject to renewal: no

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

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

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: Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension funds. Proof of registration must be provided.

III.2.2)Economic and financial ability

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
Providers should complete a European Single Procurement Document (ESPD) and a Request for Proposal (RfP). Please contact Hymans Robertson LLP for copies of both. Contact details can be found in Annex A.
Minimum level(s) of standards possibly required:
Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of European Economic Area (EEA) member state to
Manage the assets of occupational pension schemes. Providers must be able to comply with appropriate LGPS regulations.

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: Providers must be registered under the terms of the UK Financial Services and Markets Act 2000 or equivalent law of European Economic Area (EEA) to manage the assets of occupational pension funds. See III 2.1 above.

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

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:

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: 13.12.2018 – 10:00

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

13.12.2018 – 10:00

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

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: no

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

Precise information on deadline(s) for lodging appeals: As per the Public Contracts Regulations 2016.

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

VI.5)Date of dispatch of this notice:

13.11.2018