Fixed income investment management services

Fixed income investment management services

The Board of the Pension Protection Fund.

UK-Croydon: banking and investment services

2012/S 19-031052

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

The Board of the Pension Protection Fund (The Board)
Knollys House, 17 Addiscombe Road
Contact point(s): Finance Directorate
For the attention of: Mr. Richard Freed
CR0 6SR Croydon
UNITED KINGDOM
Telephone: +44 8456002541
E-mail: procurement@ppf.gsi.gov.uk
Fax: +44 2086334903

Internet address(es):

General address of the contracting authority: http://www.pensionprotectionfund.org.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

Body governed by public law
I.3)Main activity

Other: Pension protection
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:

Fixed income investment management services for the Board of the Pension Protection Fund.
II.1.2)Type of contract and location of works, place of delivery or of performance

Services
Service category No 27: Other services
Main site or location of works, place of delivery or of performance: Croydon, Surrey, England, United Kingdom.
NUTS code UK

II.1.3)Information about a public contract, a framework agreement or a dynamic purchasing system (DPS)

The notice involves the establishment of a framework agreement
II.1.4)Information on framework agreement

Framework agreement with several operators
Number of participants to the framework agreement envisaged: 10
Duration of the framework agreement

Duration in years: 4

II.1.5)Short description of the contract or purchase(s)

The Board has issued this notice for the procurement of a panel of fixed income investment management services managers. The strategy may focus on individual or multiple or specific fixed income investment management services.
We are looking for managers able to evidence a capability to add value from active management benchmarked against one or more of the following areas: credit, emerging market debt, asset backed securities, index linked securities, and Government bonds.
Managers may be considered for specialist or for more broadly based mandates across this opportunity set. Mandates may be awarded across the spectrum of possible duration and on a benchmark relative or absolute return basis.
Note: to register your interest in this notice and obtain any additional information please visit the EU Supply web site: https://uk.eu-supply.com.

II.1.6)Common procurement vocabulary (CPV)

66100000, 66131100, 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: yes
II.2)Quantity or scope of the contract
II.2.1)Total quantity or scope:
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

Duration in months: 48 (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:
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

The performance of the contract is subject to particular conditions: yes
Description of particular conditions: — Specific investment strategies must be approved by mercer investment consulting or equivalent independent accreditation,
— 3 year track record of proposed product,
— Ability to offer a segregated mandate,
— Flexibility and a willingness to comply with the Board’s key legal terms,
— Accounting standards: SAS70 or equivalent,
— Assets under management of at least 50 000 000 GBP or equivalent.
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: (1) All candidates will be required to produce a certificate or declaration demonstrating that the candidate, their directors, or any other person who has powers of representation, decision or control of the candidate has not been convicted of conspiracy, corruption, bribery, or money laundering. Failure to provide such a declaration will result in the candidate being declared ineligible and they will not be selected to participate in this procurement process;
(2) All candidates will be required to produce a certificate or declaration demonstrating that they have not been convicted of a criminal offence relating to the conduct of their business or profession;
(3) All candidates will be required to produce a certificate or declaration demonstrating that they have not committed an act of grave misconduct in the course of their business or profession;
(4) All candidates must comply with the requirements of the State in which they are established, regarding registration on the professional or trade register;
(5) Any candidate found to be guilty of serious misrepresentation in providing any information required, may be declared ineligible and not selected to continue with this procurement process;
(6) All candidates will have to demonstrate that they are licensed, or a member of the relevant organisation, in the State where they are established, when the law of that State prohibits the provision of the services, described in this notice, by a person who is not so licensed or who is not a member of the relevant organisation;
(7) All candidates will be required to produce a certificate or declaration that their Specific Investment Strategies are approved by Mercer Investment Consulting or equivalent independent accreditation.
III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: (1) All candidates will be required to provide evidence of relevant professional risk indemnity insurance;
(2) All candidates will be required to provide a statement, covering the 3 previous financial years including the overall turnover of the candidate and the turnover in respect of the activities which are of a similar type to the subject matter of this notice;
(3) All candidates will be required to demonstrate a minimum of 50 000 000 GBP (or equivalent) of managed assets in the relevant strategy proposed.
Minimum level(s) of standards possibly required: (1) Assets under management of at least 50 000 000 GBP or equivalent
III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
(1) A statement of the candidate’s average annual number of staff and managerial staff over the previous 3 years;
(2) Details of the educational and professional qualifications of their managerial staff; and those of the person(s) who would be responsible for providing the services or carrying out the work or works under the contract;
(3) All candidates will be required to provide certification drawn up by an independent body attesting the compliance of the economic operator with quality assurance standards based on the relevant European standards;
(4) A check may be carried out by the contracting authority or by a competent official body of the State in which the candidate is established, to verify the technical capacity of the candidate; and if relevant, on the candidates study and research facilities and quality control measures;
(5) A statement of the candidate’s technical facilities; measures for ensuring quality; and their study and research facilities;
(6) An indication of the proportion of the contract which the services provider intends possibly to subcontract;
(7) All candidates will be required to produce a certificate or declaration that their specific investment strategies are approved by mercer investment consulting or equivalent independent accreditation.
Minimum level(s) of standards possibly required:
(1) At least three year track record of proposed product;
(2) Ability to offer a segregated mandate;
(3) Accounting standards: SAS70 or equivalent;
(4) Specific investment strategies must be approved by mercer investment consulting or equivalent independent accreditation.
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: no
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

Accelerated restricted
Justification for the choice of accelerated procedure: The Board of the Pension Protection Fund requires urgent access to fund managers in this asset class in order to ensure that its investment decisions are made in the best interests of the beneficiary members under its management and the Board’s long and short term strategy.
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:

Fixed Income Investment Management Services
IV.3.2)Previous publication(s) concerning the same contract

no
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: 6.2.2012 – 13:00
Payable documents: no
IV.3.4)Time limit for receipt of tenders or requests to participate

7.2.2012 – 13:00
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 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

Note: we are looking for managers able to evidence a capability to add value from active management benchmarked against one or more of the following areas: credit, emerging market debt, asset backed securities, index linked securities, and government bonds. Managers may be considered for specialist or for more broadly based mandates across this opportunity set. Mandates may be awarded across the spectrum of possible duration and on a benchmark relative or absolute return basis.
Note: to register your interest in this notice and obtain any additional information please visit the EU Supply web site: https://uk.eu-supply.com.

There is no other supporting documentation at this stage. Confirmation of compliance with all criteria should be submitted to the EU Supply web site: https://uk.eu-supply.com by the stated deadline (see IV.3.4). Candidates are expected to supply all required information, or clearly state the reason for being unable to do so.

Note: candidates are advised that the Board may be engaging the services of an independent adviser during the tender process.
Note: the Board anticipate using a number of standard provisions in our agreement which will be available in the invitation to tender. We would be grateful if you could indicate whether any of these provisions would provide an obstacle to your being in a position to tender at the relevant time. The Board is looking to engage with organisations that can be flexible and accommodate the commercial.
Terms on which the Board is proposing to operate in relation to this appointment.
Note: fund accounting sits within the Board’s Finance Directorate and works closely with Board’s global custodian and is responsible for accounting for the Board’s invested assets within a controlled environment. It is essential that month end valuations are forwarded to the Board’s global custodian no later than 8 business days after the month end. Compliance with the custodian’s investment manager guide is essential.
Note: any assumptions used in preparing responses should be clearly stated.
Note: all questions should be submitted to the EU Supply website: https://uk.eu-supply.com. If you have any issues with the EU Supply web ite questions may be submitted to this e-mail address: procurement@ppf.gsi.gov.uk. Any queries should state your organisation name, OJEU notice number and title and clearly reference any appropriate paragraph in the documentation and, to the extent possible, should be aggregated rather than sent individually. If you do not get a response within 3 working days of initially contacting the Board, it is the tenderer’s responsibility to re contact the Board.

Note: The Freedom of Information Act (FOIA) 2000 which came into force on 1.1.2005 applies to the contracting authority. If any tenderer considers that any information supplied by them is either commercially sensitive or confidential in nature, this should be highlighted and the reasons for its sensitivity specified.
Note: the contract shall be made in English and according to English Law and subject to the jurisdiction of the English courts.

VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures
VI.4.2)Lodging of appeals
VI.4.3)Service from which information about the lodging of appeals may be obtained

VI.5)Date of dispatch of this notice:26.1.2012