Contract for the Provision of Global Equity Pension Fund Investment Managers

Contract for the Provision of Global Equity Pension Fund Investment Managers

The London Borough of Bromley in its capacity as Administrating Authority for the London Borough of Bromley Pension Fund (“the Authority”) is seeking to appoint up to 3 Investment Managers to run long only global equity mandates for the London Borough of Bromley Pension Fund (“the Fund”).

UK-Bromley: Pension investment services

2013/S 038-060167

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

London Borough of Bromley
Civic Centre, Stockwell Close
For the attention of: Martin Reeves
BR1 3UH Bromley
UNITED KINGDOM
Telephone: +44 2083134291
E-mail: martin.reeves@bromley.gov.uk

Internet address(es):

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

Further information can be obtained from: AllenbridgeEpic Investment Advisers Limited
26th Floor, 125 Old Broad Street
For the attention of: Alick Stevenson
EC2N 1AR London
UNITED KINGDOM
Telephone: +44 2070791000
E-mail: opentenders@allenbridgeepic.com

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: AllenbridgeEpic Investment Advisers Limited
26th Floor, 125 Old Broad Street
For the attention of: Alick Stevenson
EC2N 1AR London
UNITED KINGDOM
Telephone: +44 2070791000
E-mail: opentenders@allenbridgeepic.com

Tenders or requests to participate must be sent to: AllenbridgeEpic Investment Advisers Limited
26th Floor, 125 Old Broad Street
For the attention of: Alick Stevenson
EC2N 1AR London
UNITED KINGDOM
Telephone: +44 2070791000
E-mail: opentenders@allenbridgeepic.com
Internet address: www.allenbridgeepic.com

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:

Contract for the provision of Global Equity Pension Fund Investment Managers for the London Borough of Bromley Pension Fund.
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 UKJ4

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)

Pension investment services. The London Borough of Bromley in its capacity as Administrating Authority for the London Borough of Bromley Pension Fund (“the Authority”) is seeking to appoint up to 3 Investment Managers to run long only global equity mandates for the London Borough of Bromley Pension Fund (“the Fund”). The appointed Managers will manage in aggregate approximately 70 % or c GBP 370.0 m of the Fund’s total assets of c GBP 526.0 m.
It is anticpated that these mandates will commence 1.7.2013 or at such date as directed by the Council.
II.1.6)Common procurement vocabulary (CPV)

66131100

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:

The London Borough of Bromley in its capacity as Administrating Authority for the London Borough of Bromley Pension Fund (“the Authority”) is seeking to appoint up to three Investment Managers to run long only global equity mandates for the London Borough of Bromley Pension Fund (“the Fund”). The appointed Managers will manage in aggregate approximately 70 % or c GBP 370.0 m of the Fund’s total assets of c GBP 526.0 m.
Up to three global equity mandates each of 1 9% to 29 % of the Fund’s total assets. The mandates may use active strategies and be either be authorised pooled or segregated funds. The Authority would prefer global equity strategies which aim to out perform market capitalisation weighted indices over market cycles in different prevailing economic conditions and in particular to provide protection in falling markets. All strategies must exhibit diversification by geographical region, industry sector and market capitalisation. Strategies can expect to be benchmarked against market capitalisation weighted indices such as the MSCI World, MSCI AC World or the FTSE A All World for example.
II.2.2)Information about options

Options: no
II.2.3)Information about renewals

This contract is subject to renewal: yes
Number of possible renewals: Range: between 2 and 5
In the case of renewable supplies or service contracts, estimated timeframe for subsequent contracts:
in months: 36 (from the award of the contract)
II.3)Duration of the contract or time limit for completion

Duration in months: 180 (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 detailed within the Tender Documents.
III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:

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

The contracting authority reserves the right to require groupings of service providers to take a particular legal form or to require a single provider to take primary liability or to require each party to undertake joint and several liability if relevant. Further details will be set out in the tender documents.
III.1.4)Other particular conditions

The performance of the contract is subject to particular conditions: yes
Description of particular conditions: As detailed within the Tender Documents.
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: The Authority will apply all the offences listed in Article 45(1) of Directive 2004/18/EC (implemented as Regulation 23(1) of the Public Contract Regulations (PCR) 2006 in the UK) and all of the professional misconducts listed at Article 45(2) of Directive 2004/18/EC (see also Regulation 23(2) in the PCR 2006) to the decision of whether a Candidate is eligible to be invited to tender.
A full list of the Regulation 23(1) and 23(2) criteria are at http://www.delta-esourcing.com/delta/project/reasonsForExclusion.html#pcr

Candidates will be required to answer these questions as part of the qualification process. For candidates who are registered overseas, you will need to declare if you have any offences/misconduct under your own countries laws, where these laws are equivalent to the Regulation 23 lists.
Candidates who have been convicted of any of the offences under Article 45(1) are ineligible and will not be selected to bid, unless there are overriding requirements in the general interest for doing so.
Candidates who are guilty of any of the offences, circumstances or misconduct under Article 45(2) may be excluded from being selected to bid at the discretion of the Authority.
As detailed within the Tender Documents.

III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: (a) Appropriate statements from banks or, where appropriate, evidence of relevant professional risk indemnity insurance,
(b) The presentation of balance-sheets or extracts from the balance-sheets, where publication of the balance-sheet is required under the law of the country in which the economic operator is established,
(c) A statement of the undertaking’s overall turnover and, where appropriate, of turnover in the area covered by the contract for a maximum of the last three financial years available, depending on the date on which the undertaking was set up or the economic operator started trading, as far as the information on these turnovers is available.
As detailed within the Tender Documents.
III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
(a) a list of the works carried out over the past five years, accompanied by certificates of satisfactory execution for the most important works. These certificates shall indicate the value, date and site of the works and shall specify whether they were carried out according to the rules of the trade and properly completed. Where appropriate, the competent authority shall submit these certificates to the contracting authority direct,
(b) a list of the principal deliveries effected or the main services provided in the past three years, with the sums, dates and recipients, whether public or private, involved. Evidence of delivery and services provided shall be given: – where the recipient was a contracting authority, in the form of certificates issued or countersigned by the competent authority, – where the recipient was a private purchaser, by the purchaser’s certification or, failing this, simply by a declaration by the economic operator,
(c) an indication of the technicians or technical bodies involved, whether or not belonging directly to the economic operator’s undertaking, especially those responsible for quality control and, in the case of public works contracts, those upon whom the contractor can call in order to carry out the work,
(e) Where the products or services to be supplied are complex or, exceptionally, are required for a special purpose, a check carried out by the contracting authorities or on their behalf by a competent official body of the country in which the supplier or service provider is established, subject to that body’s agreement, on the production capacities of the supplier or the technical capacity of the service provider and, if necessary, on the means of study and research which are available to it and the quality control measures it will operate,
(f) The educational and professional qualifications of the service provider or contractor and/or those of the undertaking’s managerial staff and, in particular, those of the person or persons responsible for providing the services or managing the work,
(h) A statement of the average annual manpower of the service provider or contractor and the number of managerial staff for the last 3 years,
(j) An indication of the proportion of the contract which the services provider intends possibly to subcontract.
As detailed within the Tender Documents.
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: Requests to participate will only be accepted from investment managers which conform to the definition of investment manager in Regulation 7 of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009. This will include:
a) firms authorised by the UK Financial Services Authority with permission to manage investments (and which may lawfully manage the assets of occupational pension schemes) and
b) EEA firms which are authorised in their home state and have permission to manage investments (and may lawfully manage the assets of occupational pension schemes).
c) The manager would need to comply with the requirements of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009.
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

Restricted
IV.1.2)Limitations on the number of operators who will be invited to tender or to participate

Envisaged minimum number 5: and maximum number 12
Objective criteria for choosing the limited number of candidates: As detailed within the Tender Documents.
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

no
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document
IV.3.4)Time limit for receipt of tenders or requests to participate

22.3.2013 – 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

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

Evaluation of the tender will be based on the CIPFA standing guide to the commissioning of local authority work and services tender evaluation model and in full compliance with EU Directives, the Council’s Contract Procedure Rules and in accordance with the stated criteria.
Tenderers should note that the evaluation of the above criteria for Quality issues etc will also include the operation of minimum score thresholds. If the Tenderer’s proposal receives a score below the required threshold then the bid may not be considered further. (The minimum acceptable score is a requirement to obtain at least half of the available points in any particular area).
The Council may make use of the contract for further negotiated arrangements to the extent permissible and in compliance with the relevant Procurement Regulations.
The contract will be subject to periodic review of performance on fund management and returns made as further detailed in the contract documentation.
The London Borough of Bromley has appointedAllenbridgeEpic Investment Advisors Limited to assist with this procurement process.
To view this notice, please click here:
https://www.delta-esourcing.com/delta/respondToList.html?noticeId=51617327

GO Reference: GO-2013218-PRO-4596273

VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures

London Borough of Bromley
Civic Centre, Stockwell Close
BR1 3UH Bromley
UNITED KINGDOM
E-mail: mark.bowen@bromley.gov.uk

Body responsible for mediation procedures

DRS-CIArb on behalf of the Chartered Institute of Arbitrators
12 Bloomsbury Square
WC1A 2LP London
UNITED KINGDOM
E-mail: padre@bipsolutions.com
Telephone: +44 8452707055
Internet address: http://www.bipsolutions.com/

VI.4.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: The Remedies Directive and ‘Alcatel’ mandatory standstill period provide clear and effective procedures for seeking redress in cases where bidders consider contracts have been unfairly awarded. Appeals against the award must be made within a period of 10 days (if contractors have been notified electronically) of the award of contract to the address shown in VI.4.1). Requests for additional de-briefing within the standstill period must be made in writing (which includes fax and email) to the same address. Any such request must be received by the contracting authority no later than midnight of the second day of the standstill period.
VI.4.3)Service from which information about the lodging of appeals may be obtained

London Borough of Bromley
Civic Centre, Stockwell Close
BR1 3UH Bromley
UNITED KINGDOM
Telephone: +44 2083134639

VI.5)Date of dispatch of this notice:18.2.2013