National Galleries of Scotland Investment Management Services Tender

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

2019/S 200-486551

Contract notice

Services

Legal Basis:

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

National Galleries of Scotland
National Galleries of Scotland, 73 Belford Road
Edinburgh
EH4 3DS
United Kingdom
Contact person: Aileen McCann
Telephone: +44 1316246374
E-mail: amccann@nationalgalleries.org
NUTS code: UKM75

I.2)Information about joint procurement

The contract is awarded by a central purchasing body

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: https://www.publiccontractsscotland.gov.uk
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be submitted electronically via: https://www.publiccontractsscotland.gov.uk
Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at: https://www.publiccontractsscotland.gov.uk

I.4)Type of the contracting authority

Body governed by public law

I.5)Main activity

Recreation, culture and religion

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

Investment Management Services

II.1.2)Main CPV code

79412000

II.1.3)Type of contract

Services

II.1.4)Short description:

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.1.5)Estimated total value

II.1.6)Information about lots

This contract is divided into lots: no
II.2)Description
II.2.1)Title:

II.2.2)Additional CPV code(s)

79412000

II.2.3)Place of performance

NUTS code: UKM75

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.2.5)Award criteria

Criteria below
Quality criterion – Name: Quality / Weighting: 60
Price – Weighting: 40
II.2.6)Estimated value

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 60
This contract is subject to renewal: yes
Description of renewals:

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

Maximum number: 5

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information

Section III: Legal, economic, financial and technical information

III.1)Conditions for participation

III.1.1)Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers

List and brief description of conditions:

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

Minimum level(s) of standards possibly required:

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

List and brief description of selection criteria:

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.

Minimum level(s) of standards possibly required:

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.1.5)Information about reserved contracts
III.2)Conditions related to the contract

III.2.1)Information about a particular profession

Execution of the service is reserved to a particular profession
Reference to the relevant law, regulation or administrative provision:

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.

III.2.2)Contract performance conditions:
III.2.3)Information about staff responsible for the performance of the contract

Section IV: Procedure

IV.1)Description

IV.1.1)Type of procedure

Restricted procedure
IV.1.3)Information about a framework agreement or a dynamic purchasing system
IV.1.4)Information about reduction of the number of solutions or tenders during negotiation or dialogue
IV.1.6)Information about electronic auction

IV.1.8)Information about the Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: yes
IV.2)Administrative information
IV.2.1)Previous publication concerning this procedure

IV.2.2)Time limit for receipt of tenders or requests to participate

Date: 15/11/2019
Local time: 12:00

IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates

Date: 02/12/2019

IV.2.4)Languages in which tenders or requests to participate may be submitted:

English

IV.2.6)Minimum time frame during which the tenderer must maintain the tender

Duration in months: 6 (from the date stated for receipt of tender)
IV.2.7)Conditions for opening of tenders

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: yes
Estimated timing for further notices to be published:

2025-2027

VI.2)Information about electronic workflows

VI.3)Additional information:

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.

(SC Ref:599983)

Download the ESPD document here: https://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=599983

VI.4)Procedures for review

VI.4.1)Review body

National Galleries of Scotland
National Galleries of Scotland, 73 Belford Road
Edinburgh
EH4 3DS
United Kingdom
Telephone: +44 1316246374Internet address: http://www.nationalgalleries.org
VI.4.2)Body responsible for mediation procedures
VI.4.3)Review procedure
VI.4.4)Service from which information about the review procedure may be obtained

VI.5)Date of dispatch of this notice:

14/10/2019