Pension Fund Investment Management Services Bristol

Pension Fund Investment Management Services Bristol

New fund managers are usually appointed on contracts which are extendable indefinitely on an ‘evergreen’ basis subject to continuing satisfactory performance.

United Kingdom-Bristol: Pension fund management services

2014/S 168-299340

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Environment Agency
Head Office Procurement, Horizon House, Deanery Road
For the attention of: Miss Victoria Johnson
BS1 5AH Bristol
UNITED KINGDOM
Telephone: +44 1179344387
E-mail: victoria.johnson1@environment-agency.gov.uk

Internet address(es):

General address of the contracting authority: www.eapf.org.uk

Address of the buyer profile: www.sell2ea.com

Further information can be obtained from: Environment Agency eSourcing portal
This exercise shall be conducted using the Environment Agency’s eSourcing portal provided by Due North. Candidates shall only be considered by registering their expression of interest on our portal at www.sell2ea.co.uk Click on the ‘Suppliers click here’ link and then Register Free on the portal. Login to the portal with the username/password then find this opportunity in the Search Latest Opportunities area and click on the relevant hyperlink relating to this contract. Those published in this area are opportunities open to any registered supplier. Once in the opportunity click the Register Interest button at the bottom of the page. This will then inform the buyer that you have registered an interest and you will receive confirmation of this via a system generated e-mail. Expressions of Interest sent directly to the contact person placing this notice will not be considered and shall not be responded to. You may contact this person for advice for information regarding the contracting opportunity but for all portal issues click on the Support area on the supplier registration page. Expressions of Interest must be submitted through the eSourcing Portal only, submissions sent directly to the contract person will not be considered.
Internet address: www.sell2ea.com

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: Environment Agency eSourcing portal detailed above
Internet address: www.sell2ea.com

Tenders or requests to participate must be sent to: Environment Agency eSourcing portal detailed above
Internet address: www.sell2ea.com

I.2)Type of the contracting authority

National or federal agency/office

I.3)Main activity

Environment

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:

Pension Fund Investment Management Services — Sustainable Equities.

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
Main site or location of works, place of delivery or of performance: UK.

NUTS code UKK

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

Justification for a framework agreement, the duration of which exceeds four years: Justification for ‘evergreen’ contract:
The Sustainable Equities mandate is to be managed with an objective of exceeding the long term return from global equities, over a 3 to 10 year timeframe. New fund managers are usually appointed on contracts which are extendable indefinitely on an ‘evergreen’ basis subject to continuing satisfactory performance (financial and non financial) and added value for the Fund, although due to LGPS investment regulations they are required to be terminable at any time, normally at one month’s notice. The Law Commission have recommended that the Government change the investment regulations to accommodate more long term relationships with fund managers, but this is unlikely to happen before appointment. However, the formal contract will seek to establish a framework supportive of a long term relationship, with an emphasis on communication and openness, including more extensive non financial reporting by the manager and greater clarity over expectations from the EAPF.

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

This tender is to identify leading investment managers capable of managing a portfolio of listed equities on a long term, sustainable basis, including the ability to integrate environmental, social and governance (ESG) considerations broadly into the portfolio and to take a long term, strategic approach to sustainability.
The Environment Agency intends to award contracts to one to three investment managers to manage a portfolio of sustainable, global, listed equities on long term, basis to cover a total amount of assets of between GBP 75 000 000 and GBP 250 000 000. Final allocation will be decided at the time of appointment and will reflect the market conditions, the EAPF current investment strategy, and other factors.

II.1.6)Common procurement vocabulary (CPV)

66141000661311006652200075320000

II.1.7)Information about Government Procurement Agreement (GPA)

The contract is covered by the Government Procurement Agreement (GPA): yes

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:

Estimated value excluding VAT:
Range: between 250 000 and 1 300 000 GBP

II.2.2)Information about options

Options: yes
Description of these options: Further extensions to allow for long-term investment. Evergreen contract if required.
The Sustainable Equities mandate is to be managed with an objective of exceeding the long term return from global equities, over a 3 to 10 year timeframe. New fund managers are usually appointed on contracts which are extendable indefinitely on an ‘evergreen’ basis subject to continuing satisfactory performance (financial and non financial) and added value for Environment Agency Active Pension Fund (EAPF), although due to LGPS investment regulations they are required to be terminable at any time, normally at one months notice. Please note that the Law Commission have recommended that the Government change the investment regulations to accommodate more long term relationships with fund managers but this is unlikly to happen before appointment. However, the formal contract will seek to establish a framework supportive of a long term relationship, with an emphasis on communication and openness, including more extensive non financial reporting by the manager and greater clarity over expectations from the EAPF.

II.2.3)Information about renewals

This contract is subject to renewal: yes
Number of possible renewals: 12

II.3)Duration of the contract or time limit for completion

Duration in months: 36 (from the award of the contract)

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:

Each economic operator to be jointly and severally liable for the performance of the contract.

III.1.4)Other particular conditions

The performance of the contract is subject to particular conditions: yes
Description of particular conditions: Requests to participate will only be accepted from organisations authorised by the financial services authority to conduct investment business in the United Kingdom or overseas equivalent:
Relevant authorisations under the Financial Services and Markets Act 2000 or equivalent legislation from other jurisdictions.
Relevant authorisations under the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009. Notably this means authorised for investment management services in the European Economic Area.
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: See requested information available through contracting system.

III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: See requested information available through contracting system.

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
See requested information available through contracting system.
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: Requests to participate will only be accepted from organisations authorised by the financial services authority to conduct investment business in the United Kingdom or overseas equivalent:
Relevant authorisations under the Financial Services and Markets Act 2000 or equivalent legislation from other jurisdictions.
Relevant authorisations under the Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009. Notably this means authorised for investment management services in the European Economic Area.

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: yes

Section IV: Procedure

IV.1)Type of procedure

IV.1.1)Type of procedure

Accelerated restricted
Justification for the choice of accelerated procedure: Justification for accelerated OJEU tender:
Considerable market engagement and research was undertaken to support the tender process in 2013. The fiduciary duty of the Fund is to ensure the best return on the assets invested and the delay increases the financial risk to the Fund. Unanticipated delays in implementing the formal EU tender to reflect changes in Government policy increasingly devalues the market engagement. Therefore, to safeguard the value of the market engagement and future management of these assets, it is necessary to proceed with the tender to select and appoint suitable manager(s) as soon as possible.

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

Envisaged minimum number 10: and maximum number 15
Objective criteria for choosing the limited number of candidates: See further information available through contracting system.
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:

9EVDVL

IV.3.2)Previous publication(s) concerning the same contract

no

IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document

Payable documents: no

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

24.9.2014 – 16:00
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

Submission of expressions of interest and procurement specific information:

This exercise shall be conducted using the Environment Agency’s eSourcing portal provided by Due North. Candidates shall only be considered by registering their expression of interest on our portal at www.sell2ea.co.uk

Click on the ‘Suppliers click here’ link and then Register Free on the portal. Login to the portal with the username/password then find this opportunity in the Search Latest Opportunities area and click on the relevant hyperlink relating to this contract. Those published in this area are opportunities open to any registered supplier. Once in the opportunity click the Register Interest button at the bottom of the page. This will then inform the buyer that you have registered an interest and you will receive confirmation of this via a system generated e-mail. Expressions of Interest sent directly to the contact person placing this notice will not be considered and shall not be responded to. You may contact this person for advice for information regarding the contracting opportunity but for all portal issues click on the Support area on the supplier registration page.
Right to Cancel: The Environment Agency reserves the right to discontinue the procurement process at any time, which shall include the right not to award a framework or contract, and does not bind itself to accept the lowest tender, or any tender received, and reserves the right to award the framework or contract in part, or to call for new tenders should it consider this necessary.
The Environment Agency shall not be liable for any costs or expenses incurred by any candidate or tenderer in connection with the completion and return of the information requested in this Contract Notice, or in the completion or submission of any tender.
Other Authorities Involved: This contract is primarily intended to meet the needs of the Environment Agency.

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: Standstill: The Environment Agency will incorporate a standstill period at the point information on the award of the contract is communicated to tenderers. That notification will provide full information on the award decision. The standstill period, which will be for a minimum of 10 calendar days, provides time for unsuccessful tenderers to challenge the award decision before the contract is entered into.
The Public Contracts Regulations 2006 (SI 2006 No 5) provide for aggrieved parties who have been harmed or are at risk of harm by a breach of the rules to take action in the High Court (England, Wales and Northern Ireland).
VI.4.3)Service from which information about the lodging of appeals may be obtained

VI.5)Date of dispatch of this notice:

2.9.2014