Pension Fund Investment - Global High Yield Bond

Pension Fund Investment – Global High Yield Bond

The Pension Fund of the London Borough of Newham invites proposals for the management of an investment in Global High Yield Bonds through a UCITS pooled fund vehicle.

United Kingdom-London: Pension investment services

2016/S 231-421021

Contract notice

Services

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

London Borough of Newham
Newham Dockside 1000, Dockside road
London
E16 2QU
United Kingdom
Contact person: Rakesh Rajan
E-mail: Rakesh.Rajan@oneSource.co.uk
NUTS code: UKI12

Internet address(es):Main address: www.newham.gov.uk

I.2)Joint procurement

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: https://impp.bfinance.com/

Additional information can be obtained from another address:

bfinance UK Ltd
Clareville House, 26-27 Oxendon street
London
SW1Y 4EL
United Kingdom
Contact person: Gwenaelle Rose
Telephone: +44 2077478619
E-mail: grose@bfinance.com
NUTS code: UKI11

Internet address(es):Main address: https://impp.bfinance.com/

Tenders or requests to participate must be submitted to the abovementioned address

I.4)Type of the contracting authority

Regional or local authority

I.5)Main activity

Other activity: Pension

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

Pension fund investment – Global High Yield Bond.

II.1.2)Main CPV code

66131100

II.1.3)Type of contract

Services

II.1.4)Short description:

The Pension Fund of the London Borough of Newham invites proposals for the management of an investment in Global High Yield Bonds through a UCITS pooled fund vehicle.

The Pension Fund of the London Borough of Newham does not wish to be contacted during the tender process. Please contact bfinance for any queries regarding the tender.

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)

II.2.3)Place of performance

NUTS code: UKI12

II.2.4)Description of the procurement:

Asset Class: Global High Yield Bonds

Size of mandate: Approx. 60 000 000 GBP to be invested with 1 manager.

Investment Vehicle:

— UCITS Pooled funds only. Proposals for a segregated account will not be considered

— The client does not want to hold more than 20 % of a fund’s assets, i.e. min. 240 000 000 GBP fund AUM.

— GBP hedged share class preferred. Preference also for an Accumulative share class but distributive share class will also be considered.

Benchmark: Participating managers may propose the most appropriate benchmark for their strategy. It will preferably be a Global High Yield Bond index from either Bofa Merrill Lynch or Barclays.

Investment Objective: 1-2 % out-performance above the relevant benchmark, with a focus on capital preservation and managing default risk.

Investment Constraints:

— Portfolio mainly invested in high yield, rated bonds of global corporate issuers.

— Global orientation is a must (no pure USD strategies). The portfolio should demonstrate the ability to invest in non USD denominated bonds.

— Max 10 % in investment grade rated bonds.

— Max 20 % in CCC rated bonds.

— Max 20 % off-benchmark investments.

— No specific duration limits, but large deviations from benchmark level would need to be justified.

— Derivatives allowed only for hedging purposes and risk management. The use of derivatives for portfolio leverage will not be accepted.

— Borrowing or short selling is not permitted.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

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

Duration in months: 36

This contract is subject to renewal: yes

Description of renewals:

It is intended that the contract will continue in force until such time as is determined in accordance with the provisions contained in the contract.

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

See the procurement documents

The procurement documents can be obtained on the bfinance website https://impp.bfinance.com/ Alternatively you may contact bfinance using the email address newhamHY@bfinance.com

The Pension Fund of the London Borough of Newham does not wish to be contacted during the tender process.

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:

See the procurement documents.

III.1.2)Economic and financial standing

Selection criteria as stated in the procurement documents

III.1.3)Technical and professional ability

Selection criteria as stated in the procurement documents

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:

An institution authorised to accept deposits in the United Kingdom. Providers must be authorised under the Financial Services Act 1986 or any equivalent legislation in any EU member state. Providers must satisfy the requirements of the Superannuation Act 1972 and the Local Government Pension Scheme (Management and Investment of Funds) regulations 1998 (as amended).

III.2.2)Contract performance conditions:

See the procurement documents.

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

Open 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: no

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: 04/01/2017

Local time: 12:00

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:

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

Date: 04/01/2017

Local time: 14:00

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: no

VI.2)Information about electronic workflows

VI.3)Additional information:

VI.4)Procedures for review

VI.4.1)Review body

bfinance UK Ltd
London
United Kingdom

VI.4.2)Body responsible for mediation procedures

VI.4.3)Review procedure

Precise information on deadline(s) for review procedures:

As detailed in procurement documents.

VI.4.4)Service from which information about the review procedure may be obtained

VI.5)Date of dispatch of this notice:

28/11/2016

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