Diversified Alternatives for Pension Funds

Diversified Alternatives for Pension Funds

The Royal Borough of Greenwich Pension Fund Investment and Administration Panel wishes to consider investing in 1 or more diversified alternatives funds.

United Kingdom-London: Pension fund management services

2015/S 220-401342

Contract notice


Directive 2004/18/EC

Section I: Contracting authority

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

Royal Borough of Greenwich
35 Wellington Street, Woolwich
Contact point(s): Glynis Ford
For the attention of: Procurement
SE18 6HQ London
Telephone: +44 2089215108
E-mail: procurement@royalgreenwich.gov.uk

Internet address(es):

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

Further information can be obtained from: The above mentioned contact point(s)

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: The above mentioned contact point(s)

Tenders or requests to participate must be sent to: The above mentioned contact point(s)

I.2)Type of the contracting authority

Regional or local authority

I.3)Main activity

Economic and financial affairs
Other: local government revenues, finance and welfare assistance

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.1.1)Title attributed to the contract by the contracting authority:

Diversified Alternatives.

II.1.2)Type of contract and location of works, place of delivery or of performance

Service category No 6: Financial services a) Insurances services b) Banking and investment services

NUTS code UKI21

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 Royal Borough of Greenwich Pension Fund Investment and Administration Panel (‘The Panel’) wishes to consider investing in 1 or more diversified alternatives funds as part of an overall desire to further diversify the Fund’s exposure to growth assets. The Panel will only consider segregated mandates and the total investment to be made is expected to be approximately 100 000 000 GBP.

II.1.6)Common procurement vocabulary (CPV)


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

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


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:

Royal Borough of Greenwich Pension Fund wishes to invite potential investment managers to tender for providing their services in the management of a Diversified Alternatives mandate. Royal Borough of Greenwich Pension Fund is seeking to appoint a provider to manage a diversified portfolio of alternative assets. Applicants must be able to gain exposure to a broad range of alternative asset classes on a global basis. This portfolio would be expected to include a number of the following asset classes, although it would not be limited to these categories:
— Active currency,
— Commodities,
— Emerging market debt,
— Hedge funds,
— High yield bonds,
— Infrastructure,
— Insurance-linked securities,
— Private equity,
— Property,
— Timberland and agriculture.
It is expected that the preferred approach will generate net excess returns over 3 month Sterling LIBOR by a significant margin (expected to be 3-5 %), with a volatility of approximately 2 thirds that of equities. The size of the mandate is anticipated to be approximately 100 000 000 GBP. Providers using a multi-manager fund of fund approach, internally managed funds or a combination of the 2 will be considered. Because there will be portfolio guideline limits applied, only segregated solutions will be considered.
The Council reserves the right to alter the value of funds awarded and may split the contract among providers.

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:

Details within the Contract Documents.

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

Details within the Contract Documents.
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: Details within the Contract Documents.

III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: Details within the Contract Documents.

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
Candidates should complete a Request for Proposal (RfP). This is contained within the contract document set.
Minimum level(s) of standards possibly required:
Candidates should be regulated by the UK Financial Conduct Authority (FCA) or European Economic Member State equivalent body. Providers must be able to comply with 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 Financial Services and Markets Act 2000 or equivalent law of European Economic Area (EEA) member state. See 111.2.3 above.
III.3.2)Staff responsible for the execution of the service

Section IV: Procedure

IV.1)Type of procedure

IV.1.1)Type of procedure

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: 14.12.2015
Payable documents: no

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

15.12.2015 – 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

IV.3.7)Minimum time frame during which the tenderer must maintain the tender

IV.3.8)Conditions for opening of tenders

Date: 16.12.2015


Royal Borough of Greenwich, The Woolwich Centre, SE18 6HQ.

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

Candidates will be invited for interview if they meet or exceed 35 (70 %) out of a possible 50 (100 %) marks across the criteria listed in the Request for Proposal.
The contract Term will be a maximum of 10 years, Royal Borough of Greenwich does however reserve the right that at any time during the term 1 day (24 hours) Notice of Termination will be given.
VI.4)Procedures for appeal

VI.4.1)Body responsible for appeal procedures

Royal Courts of Justice
The Strand
WC2A 2LL London

VI.4.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: Royal Borough of Greenwich has incorporated a minimum 10 calendar day Standstill Period after notification to unsuccessful applicants of the award decision. The Public Contracts (Amendments) Regulations 2015 provide for remedies through the High Courts (England, Wales and Northern Ireland) to be sought by economic operators who suffer (or risk suffering) loss or damage as a consequence of a failure by the Royal Borough of Greenwich to comply with certain provisions of those regulations and/or certain EU Community obligations relating to procurement.

In summary: The County Court Remedies Regulations 2014. Member states — Service contract — Contract notice — Open procedure. Proceedings must be brought promptly and in any event within 30 days of the date on which grounds for bringing proceedings 1st arise.

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

Cabinet Office
709 Whitehall
SW1A 2AS London

VI.5)Date of dispatch of this notice: