GMPF Appointment of Securities Investment Manager – Global Equity

GMPF Appointment of Securities Investment Manager – Global Equity

The Greater Manchester Pension Fund is seeking to establish a framework of long only active global equity managers.

United Kingdom-Ashton-under-Lyne: Pension fund management services

2013/S 131-226927

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Tameside Metropolitan Borough Council as Administering Authority of the Greater Manchester Pension Fund
Council Offices, Wellington Road
Contact point(s): Please see Annex A.
OL6 6DL Ashton-under-Lyne
UNITED KINGDOM

Internet address(es):

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

Further information can be obtained from: Hymans Robertson LLP
20 Waterloo Street
G2 6DB Glasgow
UNITED KINGDOM
Telephone: +44 1415667848
E-mail: GMPFGEsearch@hymans.co.uk
Fax: +44 1415667788
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
G2 6DB Glasgow
UNITED KINGDOM
Telephone: +44 1415667848
E-mail: GMPFGEsearch@hymans.co.uk
Fax: +44 1415667788
Internet address: www.hymans.co.uk

Tenders or requests to participate must be sent to: UNITED KINGDOM

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:

GMPF appointment of Securities Investment Manager – Global Equity.
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 UKD3

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
maximum number of participants to the framework agreement envisaged: 5
Duration of the framework agreement

Duration in years: 4

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

The Greater Manchester Pension Fund is seeking to establish a framework of long only active global equity managers. The indicative size of the initial mandate arising from the framework is expected to be of the order of 600 000 000 GPB. Guidance on the performance target for the mandates is +2 % to +4 % p.a. in excess of the benchmark MSCI All Countries World Index (or equivalent) over discrete 3 year periods. Both segregated and pooled fund solutions will be considered. Tenderers must have minimum assets of 3 500 000 000 GPB in the proposed strategy and a minimum track record of returns (on actual invested assets) of 5 years. Single or multiple mandates may be awarded concurrently or consecutively within the expected framework life of 4 years. Resulting mandates will be in the form of contracts of open duration but with a minimum period of 3 years and subject to triennial fee reviews. The Council reserves the right to vary the size of the mandates awarded. The Administering Authority has considered the requirements of the Social Value Act 2012 prior to issuing this contract notice.
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): no
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 Greater Manchester Pension Fund is seeking to establish a framework of long only active global equity managers. The indicative size of the initial mandate arising from the framework is expected to be of the order of 600 000 000 GBP. Guidance on the performance target for the mandates is +2 % to +4 % p.a. in excess of the benchmark MSCI All Countries World Index (or equivalent) over discrete 3 year periods. Both segregated and pooled fund solutions will be considered. Tenderers must have minimum assets of 3 500 000 000 GBP in the proposed strategy and a minimum track record of returns (on actual invested assets) of 5 years. Single or multiple mandates may be awarded concurrently or consecutively within the expected framework life of 4 years. Resulting mandates will be in the form of contracts of open duration but with a minimum period of 3 years and subject to triennial fee reviews. The Council reserves the right to vary the size of the mandates awarded. The Administering Authority has considered the requirements of the Social Value Act 2012 prior to issuing this contract notice.
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

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: 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 schemes. Proof of registration must be provided. Providers must be able to comply with appropriate LGPS regulations.
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 Pre Qualifying Questionnaire (“PQQ”). Please contact Hymans Robertson LLP for a copy of the PQQ. Contact details can be found in Annex A.
Minimum level(s) of standards possibly required:
Tenderers must provide satisfactory answers to the questions asked in the Council Questions section of the PQQ.
Tenderers must have minimum assets of 3 500 000 000 GBP in the proposed strategy and a minimum track record of returns (on actual invested assets) of 5 years.
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 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 schemes. Proof of registration must be provided.
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

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

Envisaged minimum number 3
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

Time limit for receipt of requests for documents or for accessing documents: 7.8.2013 – 10:00
Payable documents: no
IV.3.4)Time limit for receipt of tenders or requests to participate

7.8.2013 – 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
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 2006.
VI.4.3)Service from which information about the lodging of appeals may be obtained
VI.5)Date of dispatch of this notice:

4.7.2013