National Galleries of Scotland Investment Management Services Tender
16 October 2019
Professional investment manager to provide portfolio management services.
United Kingdom-Edinburgh: Financial management consultancy services
Section I: Contracting authority
I.1)Name and addresses
National Galleries of Scotland, 73 Belford Road
Contact person: Aileen McCann
Telephone: +44 1316246374
NUTS code: UKM75
Address of the buyer profile: https://www.publiccontractsscotland.gov.uk/search/Search_AuthProfile.aspx?ID=AA11042
I.2)Information about joint procurement
I.4)Type of the contracting authority
Section II: Object
Investment Management Services
II.1.2)Main CPV code
II.1.3)Type of contract
The Board of Trustees of the National Galleries of Scotland (NGS) (Scottish Charity Number SC003728) is seeking to procure the services of a professional investment manager to provide portfolio management services. These services may be on an advisory or discretionary basis.
II.1.6)Information about lots
II.2.2)Additional CPV code(s)
II.2.3)Place of performance
II.2.4)Description of the procurement:
The Board of Trustees of the National Galleries Scotland (‘NGS’) (Scottish Charity Number SC003728) is seeking to procure the services of a professional investment manager to provide portfolio management services.
These services may be on an advisory or discretionary basis.
Service providers must have sufficient experience of managing funds for similar types of charitable organisations and be able to demonstrate a proven track record in this field.
Sufficient depth of relevant experience is crucial. Accurate, efficient and responsive operational support for the portfolio is essential.
This procurement will be conducted through the use of the restricted procedure. The ESPD will be used as a downsizing tool in this procedure.
It is the intention of NGS to shortlist to a maximum of 5 service providers but NGS reserves the right to invite in excess of this number of service providers in the event of a tie.
Economic operators may be excluded from this competition if they are in any of the situations referred to in Regulation 58 of the Public Contracts (Scotland) Regulations 2015.
The objective criteria for shortlisting candidates is detailed under Section III) of this contract notice.
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
The contract will run by a period of 60 months with the option to extend the contract by a variable period not exceeding 24 months.
II.2.9)Information about the limits on the number of candidates to be invited
II.2.10)Information about variants
II.2.11)Information about options
II.2.13)Information about European Union funds
Section III: Legal, economic, financial and technical information
III.1.1)Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
Q4A.1a ‘Enrolment in a Relevant Professional Register’, Q4A.2A ‘Authorisation of a Particular Organisation Needed’ and Q4A2b ‘Membership of Particular Organisation Needed’ have been included in the ESPD. Bidders must confirm whether or not this is applicable to them.
If applicable, this question will be scored on a pass/fail basis.
If the bidder is required by their country of establishment, to have enrolment in a professional register and/or authorisation and/or membership of a particular organisation, that the service provider has not attained, the response will be deemed a ‘Fail’.
Bidders are advised to refer to Section III.2.1) of this contract notice. This contract is reserved for service providers who are members of the Financial Conduct Authority (FCA).
III.1.2)Economic and financial standing
Q4B2a — Bidders should provide their specific yearly turnover in investment management services for the most recent 3 years (as per filed accounts).
Minimum required turnover per year = 1 000 000 GBP.
Q4B5a — It is a requirement of this contract that bidders hold, or can commit to obtain prior to the commencement of any subsequent award contract, the types and levels of insurance indicated below:
Professional risk indemnity = 25 000 000 GBP.
III.1.3)Technical and professional ability
The following selection criteria is listed within the ESPD and will be scored:
Q4C.1.2 relevant examples (100 %).
The highest 5 scoring bidders will be shortlisted to the invitation to tender.
Question scoring methodology is fully described within the ESPD.
Q4D.1 quality assurance and Q4D.2 environmental management are included under selection criteria but will be scored on a pass/fail basis, as detailed below.
Q4C.1.2 Bidders are to provide details of the investment management services they offer. The response must demonstrate experience in the provision of investment management services for the charity sector and bidders are to include an example of an investment management approach/strategy for a charity sector client. The response must include information which will demonstrate typical performance returns achieved against industry recognised benchmarks. In addition, the response must provide information illustrating the financial strength of the bidder’s organisation.
Q4D.1 Quality Assurance:
The bidder must hold a UKAS (or equivalent) accredited independent third party certificate of compliance in accordance with BS EN ISO 19001 (or equivalent). If no certification is available provide a documented policy regarding quality management. The policy must set out responsibilities for quality management demonstrating that the Bidder has, and continues to implement, a quality management policy that is authorised by their Chief Executive, or equivalent, which is periodically reviewed at a senior management level. The policy must be relevant to the nature and scale of the work to be undertaken and set out responsibilities for quality management throughout the organisation.
Q4D.2 Environmental Management:
The bidder must hold a UKAS (or equivalent) accredited third party certificate of compliance with BS EN ISO14001 (or equivalent) or a valid EMAS (or equivalent) certificate. If no certification is available the bidder is to provide their organisation’s documented arrangements for checking, reviewing and where necessary improving, environmental management performance and their environmental impact, demonstrating that it has a system for monitoring environmental management procedures on an on-going basis and for updating them at periodic intervals.
III.2.1)Information about a particular profession
According to provisions made under the Financial Services and Markets Act (FSMA) 2000, financial activities have to be regulated by the Financial Conduct Authority (FCA).
Therefore, the provision of investment management services to The Board of Trustees of the National Galleries of Scotland is reserved for Service Providers who are authorised members of the FCA. Bidders should submit evidence of their membership with their ESPD submission.
Section IV: Procedure
IV.1.1)Type of procedure
IV.1.8)Information about the Government Procurement Agreement (GPA)
IV.2.2)Time limit for receipt of tenders or requests to participate
IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates
IV.2.4)Languages in which tenders or requests to participate may be submitted:
IV.2.6)Minimum time frame during which the tenderer must maintain the tender
Section VI: Complementary information
VI.1)Information about recurrence
The Board of Trustees of the National Galleries of Scotland reserves the right to cancel the procurement at any time and not award a contract. The expenditure, work or effort undertaken by bidders prior to the award of contract is accordingly a matter solely for the commercial judgement of bidders.
Late tenders may not be considered by The Board of Trustees of the National Galleries of Scotland.
Note: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland website at https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=599983
The buyer has indicated that it will accept electronic responses to this notice via the postbox facility. A user guide is available at https://www.publiccontractsscotland.gov.uk/sitehelp/help_guides.aspx
Suppliers are advised to allow adequate time for uploading documents and to dispatch the electronic response well in advance of the closing time to avoid any last minute problems.
Download the ESPD document here: https://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=599983
National Galleries of Scotland, 73 Belford Road
Telephone: +44 1316246374Internet address: http://www.nationalgalleries.org
VI.5)Date of dispatch of this notice: