Investment management services

The Council invites tenders from interested parties to provide investment management services to London Borough of Barking & Dagenham Pension Fund for the management of a diversified portfolio of “growth” assets.

UK-Dagenham: pension fund management services

2012/S 21-034432

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

London Borough of Barking and Dagenham Pension Fund
Civic Centre, Rainham Road North
For the attention of: Cameron McMullen
RM10 7BN Dagenham
UNITED KINGDOM
Telephone: +44 7717690671
E-mail: jltic-swim-bdar@jltgroup.com
Fax: +44 1612531169

Internet address(es):

General address of the contracting authority: http://www.lbbd.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: JLT Benefit Solutions
St James’s House, 7 Charlotte Street
M1 4DZ Manchester
UNITED KINGDOM
E-mail: jltic-swim-bdar@jltgroup.com
Internet address: http://www.jltic-swim.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:

Investment management services – absolute return.

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

Services
Service category No 6: Financial servicesa)Insurances services b)Banking and investment services
Main site or location of works, place of delivery or of performance: Barking and Dagenham Direct.
C/o Civic Centre.
Dagenham.
RM10 7BN.
NUTS code

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)

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 London Borough of Barking & Dagenham Pension Fund is seeking to appoint a single multi asset investment fund manager to provide additional return to the fund through their asset allocation abilities. An allocation of (currently) 75 000 000 GBP of the London Borough of Barking & Dagenham Pension Fund will be awarded to the successful candidate.
Potential strategies can include Dynamic Asset Allocation or appropriate absolute return strategies, although it is unlikely that. Any of the strategies may include derivatives or a physical equity content.
Long term returns are expected to be close to those from an equity portfolio, whether expressed relative to inflation (eg. RPI +5 % pa) or to cash (eg. LIBOR +3 %). Absolute volatility expected in the long term to be 66 % or less that of equity markets. Correlation to equity markets is expected to be less than 0.7.
The successful candidate(s) will be expected to provide input to regular meetings with London Borough of Barking & Dagenham Pension Fund, where they will be required discuss the outlook for the various assets classes.

II.2.2)Information about options

II.2.3)Information about renewals

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: As detailed in the tender documentation.

III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: As detailed in the tender documentation.

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
As detailed in the tender documentation.

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

Open

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:

jltic-swim-bdar

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: 5.3.2012 – 17:00
Payable documents: no

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

12.3.2012 – 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

Duration in months: 6 (from the date stated for receipt of tender)

IV.3.8)Conditions for opening tenders

Date: 12.3.2012 – 13:00
Place:

St James’s House, 7 Charlotte Street, Manchester M1 4DZ.

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

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 detailed in the tender documentation.

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

VI.5)Date of dispatch of this notice:30.1.2012