Pension Fund Management Hertfordshire County Council

Pension Fund Management Hertfordshire County Council

Provision of an alternatives manager for Hertfordshire County Council Pension Fund.

UK-Hertford: pension fund management services

2012/S 66-107984

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Hertfordshire County Council
Strategic Procurement Group, Leahoe Annexe, County Hall
Contact point(s): Please refer to Section VI.2 (Complementary Information)
For the attention of: Chris Mulhall
SG13 8DQ Hertford
UNITED KINGDOM
Telephone: +44 1707292460
Fax: +44 1992588416

Internet address(es):

General address of the contracting authority: http://supplyhertfordshire.g2b.info/hpf/

Address of the buyer profile: www.hertsdirect.org

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: The above mentioned contact point(s)

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:

Provision of an alternatives manager for Hertfordshire County Council Pension Fund.
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
NUTS code UKH23

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)

Pension fund management services. Hertfordshire County Council Pension Fund wishes to invite potential investment managers to express an interest for providing their services in the management of a diversified alternatives mandate.
Hertfordshire County Council Pension Fund is seeking to appoint a provider to manage a diversified portfolio of alternative assets on a fiduciary basis. Applicants must be able to gain exposure to a broad range of alternative asset classes on a global basis. This portfolio would be expected to include a number of the following asset classes, although it would not be limited to these categories:
— Active currency,
— Commodities,
— Emerging market debt,
— GTAA,
— Hedge funds,
— High yield bonds,
— Infrastructure,
— Insurance-linked securities,
— Private equity,
— Property,
— Timberland & agriculture.
It is expected that the preferred approach will generate net excess returns over three month Sterling LIBOR by a significant margin (expected to be 3-5 %), with a volatility of approximately two thirds that of equities. The size of the mandate is anticipated to be between 200 000 000 GBP and 300 000 000 GBP. Providers using a multi-manager fund of fund approach, internally managed funds or a combination of the 2 will be considered. Because there will be portfolio guideline limits applied, only segregated solutions will be considered. Investment managers, fiduciary managers and consultants providing implemented solutions are encouraged to apply. The Council reserves the right to alter the value of funds awarded and may split the contract among providers.
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): yes
II.1.8)Lots
II.1.9)Information about variants
II.2)Quantity or scope of the contract
II.2.1)Total quantity or scope:

This contract shall have a contract period of five (5) years with the option to extend on an annual basis for up to a maximum of a further five (5) years at the sole discretion of the Council. However, under the Local Government Pension Scheme Regulations, the Pension Fund may terminate the contract at any time. The estimated total value of the contract stated below is for the first 5 years only, and does not include the value of any extension period. Further details of the requirement are available on the following link: http://supplyhertfordshire.g2b.info/hpf/.

Estimated value excluding VAT:
Range: between 3 750 000 and 12 500 000 GBP

II.2.2)Information about options
II.2.3)Information about renewals
II.3)Duration of the contract or time limit for completion

Duration in months: 60 (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:
III.1.4)Other particular conditions
III.2)Conditions for participation
III.2.1)Personal situation of economic operators, including requirements relating to enrolment on professional or trade registers
III.2.2)Economic and financial ability
III.2.3)Technical capacity
III.2.4)Information about reserved contracts
III.3)Conditions specific to services contracts
III.3.1)Information about a particular profession
III.3.2)Staff responsible for the execution of the service

Section IV: Procedure

IV.1)Type of procedure
IV.1.1)Type of procedure

Restricted
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:

HCC Contract Reference Number: HCC1205247 Tender Access Code:C3AA727ER4
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

30.4.2012 – 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

Any EU official language
IV.3.7)Minimum time frame during which the tenderer must maintain the tender
IV.3.8)Conditions for opening tenders

Section VI: Complementary information

VI.1)Information about recurrence
VI.2)Information about European Union funds
VI.3)Additional information

Please read this section carefully as it provides full instructions on how to apply for this requirement.
Hertfordshire County Council has moved to a new way of e-Tendering and worked closely with its Districts and Partners to create a joint procurement website called Supply Hertfordshire. This web site is supported by BiP Solutions who provide a system called Delta which is the background platform to Supply Hertfordshire. The pre-qualification process this tender is a 2 stage process and you will only be invited to tender if you have successfully passed through the pre-qualification questionnaire (PQQ) stage. If you wish to be considered as a tenderer you must complete and submit a completed PQQ via 12 noon on Monday 30.4.2012. PQQs cannot be uploaded after the closing date/time. Step 1: Registering with Supply Hertfordshire:
To participate in this tender you will need to go into http://supplyhertfordshire.g2b.info/hpf/ and register, thereafter you will be issued with a Username and Password. (If you have already registered with Delta or Supply Hertfordshire, please follow the link above where you can log on using your existing username and password. If you have registered and have forgotten your Username and Password, please click on the forgotten password link below the log in box.) Please keep this Username and Password secure, and do not pass it to any third parties. Step 2: completing your PQQ: to complete the PQQ for this tender you will need to go into the Response Manager area and enter the Access Code C3AA727ER4. You will then need to download the relevant PQQ and complete. Any supporting documents should be cross-referenced to the relevant question and detailed in Appendix A of the PQQ. If the Council requires further information concerning your application form, your organisation will be contacted. However, please provide full details and answer all questions, as the Council reserves the right not to ask applicants for any further information or clarification.

Step 3: uploading Your Completed PQQ Once you have completed your PQQ for this Tender exercise you must then “upload” your completed response into the Tenderbox (Access Code C3AA727ER4). Please make sure you have submitted your completed PQQ to the correct Access Code, the Council will not be held accountable for any errors made by a tenderer in submitting your completed PQQ. If you are experiencing problems, then please contact the Delta helpdesk via e-mail at helpdesk@delta-esourcing.com or call +44 8452707050 (option 2) Monday to Friday 8:30am – 5:30pm for further assistance.

The Council reserves the right at any time to cease the tendering process and not award a contract or to award only part of the opportunity described in this notice. If the Council takes up this right then they will not be responsible for, or pay the expenses or losses, which may be incurred by any tenderer as a result.
The Council undertakes to hold confidential any information provided in the proposal submitted, subject to the Council’s obligations under the law, including the Freedom of Information Act 2000. If the applicant considers that any of the information submitted in the proposal should not be disclosed because of its sensitivity then this should be stated with the reason for considering it sensitive. The Council will then endeavour to consult with the applicant about such sensitive information when considering any request received under the Freedom of Information Act 2000 before replying to such a request.
Due to the current economic climate, Hertfordshire County Council reserves the right to carry out additional financial checks on all companies tendering for this Contract at any time during the procurement process, to ensure that they continue to meet the Council’s requirements and remain financially viable to perform the Contract. GO Reference: GO-2012330-PRO-3821753.

VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures

See VI.4.2

VI.4.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: Hertfordshire County Council will incorporate a minimum 10 calendar day standstill period at the point information on the award of the contract is communicated to tenderers to allow unsuccessful tenderers to raise any complaints before the contract is entered into.
If a complaint between the Council and the tenderer regarding the award of a contract has not been successfully resolved, relevant provisions of the Public Contracts Regulations 2006 (as amended) will apply. The aggrieved party is advised to seek independent legal advice in relation to remedies they can pursue under the Public Contracts Regulations 2006 (as amended).
VI.4.3)Service from which information about the lodging of appeals may be obtained

Hertfordshire County Council
Leahoe Annexe
SG13 8DQ Hertford
UNITED KINGDOM
Telephone: +44 1992588834

VI.5)Date of dispatch of this notice:30.3.2012