Global Custodian Services for Transport for London

Global Custodian Services for Transport for London

There is therefore now a need to engage a custodian to provide safekeeping and related services on behalf of both the GLA and the GIS.

United Kingdom-London: Financial markets administration services

2016/S 121-216957

Contract notice


Directive 2004/18/EC

Section I: Contracting authority

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

Transport for London (Commercial Services)
Windsor House, 42- 50 Victoria St.
Contact point(s): Commercial-Services
For the attention of: Dawn Stelling
SW1H 0TL London
United Kingdom
Telephone: +44 02030547353
Fax: +44 02030548367

Internet address(es):

General address of the contracting authority:

Address of the buyer profile:

Electronic access to information:

Electronic submission of tenders and requests to participate:

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

General public services

I.4)Contract award on behalf of other contracting authorities

The contracting authority is purchasing on behalf of other contracting authorities: yes

Greater London Authority
City Hall, Queens Walk
SE1 2AA London
United Kingdom

Section II: Object of the contract


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

GLA 80840 — Global Custodian Services.

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


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 Greater London Authority (GLA) provides a shared service function for Treasury Management to a number of related public sector organisations, through the Group Investment Syndicate (GIS). As at 31.3.16 the fund balance was 2 300 000 000 GBP, and this is expected to grow, as more participants join the shared service arrangement. As the fund is primarily a cash-based fund, intended to facilitate good liquidity whilst making as good a return as possible, investments tend to be relatively short term in nature. Much of the fund is placed on fixed term deposit and a relatively small proportion is currently invested in corporate bonds. However, as the fund is expanding, and in order to diversify perceived risk and improve returns, the GLA is now anticipating a more targeted approach to investing in corporate bonds and other securities such as Residential Mortgage Backed Securities. There is therefore now a need to engage a custodian to provide safekeeping and related services on behalf of both the GLA and the GIS. The targeted sum in the medium term would be approximately 150 000 000 GBP held in these asset classes (bonds/RMBS), with specified sums potentially being held for named participants in the syndicate or on behalf of the group as a whole. Separate sub-funds are likely to be required to designate group and individually owned assets, and for those under external fund managers. It is likely that the GIS will continue to expand as various new parties consider the benefits of investing on a group basis. For this reason, alternative legal structures for the provision of the service are being considered, with the potential for establishing an Authorised Contractual Scheme (ACS) being 1. It is essential that the appointed custodian is able to transfer the contract to a future entity on the agreed terms and that they are capable of providing the service to a much larger fund, working in collaboration with other asset servicing entities, such as trustee/depositary and transfer agent. The successful organisation will be expected to provide the following services: — Custody — Investment Accounting — Performance Measurement — Compliance Reporting Further details regarding the requirements can be found in the specification document as part of the invitation to Tender. Please be aware that the GLA may convert the GIS into an Authorised Contractual Scheme (ACS).

II.1.6)Common procurement vocabulary (CPV)

66150000, 66151000, 66151100

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:
II.2.2)Information about options

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: 84 (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:

Please see Invitation to Tender Documents.

III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:

Please See Invitation to Tender Documents.

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

No specific legal form is required but in the event of a group of Service Providers submitting an acceptable offer, it will be necessary to provide an undertaking that each company will be jointly and severally liable.

III.1.4)Other particular conditions

The performance of the contract is subject to particular conditions: no
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: Please see Invitation to Tender.

III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: Please see Invitation to Tender.
Minimum level(s) of standards possibly required: Please see Invitation to Tender.

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
Please see Invitation to Tender.
Minimum level(s) of standards possibly required:
Please see Invitation to Tender.
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: no

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:

GLA 80840

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: 22.7.2016 – 12:00
Payable documents: no

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

22.7.2016 – 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

in days: 90 (from the date stated for receipt of tender)

IV.3.8)Conditions for opening of tenders

Date: 22.7.2016


Windsor House, Victoria.

Persons authorised to be present at the opening of tenders: no

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

Please be aware that the contract period detailed in II.3) is defined in the Invitation to Tender as 5 years with the option to extend for a further 2 years at the discretion of the Contracting Authority.
The date provided in IV.3.3) and IV.3.4) is for the submission of your tender documents through TfL’s e-tendering portal.

Bidders who wish to submit a tender for this procurement must register / check their registration on the Transport for London e-tendering portal

All tenders must be submitted via this portal please contact the person named in I.1) for registering instructions.
The contracting Authority reserves the right to cancel the tender process at any point without any liability to any economic operator or otherwise. The Contracting Authority reserves the right not to award a contract for any reason without any liability to any economic operator or otherwise. The Contracting Authority is not liable for any costs resulting from the cancellation of this process nor for any costs incurred by or on behalf of economic operators in responding to this Contract Notice or taking part in this tender process.

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: The Contracting Authority will incorporate a minimum of 10 calendar days standstill period at the point information on the award of the contract is communicated to tenderers. The period allows unsuccessful tenderers to consider the decision and highlight any errors in the award process. If an appeal regarding the award of a contract has not been successfully resolved, Public Contract Regulations 2015 and any amendments thereon provide for aggrieved parties to take action in the High Court (England, Wales and Northern Ireland). Any such action must be brought promptly and the intention to take action must be brought to the attention of the Contracting Authority as a matter of urgency.

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

HM Courts and Tribunal Service
The Strand
WC2A 2LL London
United Kingdom
Telephone: +44 2079476000
Internet address:

VI.5)Date of dispatch of this notice: