Pension Fund Management Services Belfast

Pension Fund Management Services Belfast

To appoint at least 1 active bond investment manager with a broad range of capabilities.

UK-Belfast: pension fund management services

2012/S 48-079004

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC)
Templeton House 411 Holywood Road
Contact point(s): Nicola Todd
BT4 2LP Belfast
UNITED KINGDOM
Telephone: +44 2890768025
E-mail: nicola.todd@nilgosc.org.uk
Fax: +44 2890768790

Further information can be obtained from: Aon Hewitt Limited
10 Devonshire Square
Contact point(s): Anthony Brewer
EC2M 4YP London
UNITED KINGDOM
Telephone: +44 2070869585
E-mail: anthony.brewer@aonhewitt.com
Fax: +44 2070863982

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: Aon Hewitt Limited
10 Devonshire Square
Contact point(s): Anthony Brewer
EC2M 4YP London
UNITED KINGDOM
Telephone: +44 2070869585
E-mail: anthony.brewer@aonhewitt.com
Fax: +44 2070863982

Tenders or requests to participate must be sent to: Aon Hewitt Limited
10 Devonshire Square
Contact point(s): Anthony Brewer
EC2M 4YP London
UNITED KINGDOM
Telephone: +44 2070869585
E-mail: anthony.brewer@aonhewitt.com
Fax: +44 2070863982

I.2)Type of the contracting authority

Regional or local agency/office
I.3)Main activity

Economic and financial affairs
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:

To appoint at least 1 active bond investment manager with a broad range of capabilities.
II.1.2)Type of contract and location of works, place of delivery or of performance

Services
NUTS code
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)

The Committee is looking to appoint at least one active bond investment manager with a broad range of capabilities. The successful manager will have a wide range of capabilities in bond management which includes absolute return, global bonds and high yield. The mandate is for up to approximately 350 000 000 GBP and represents around 10 % of the total Fund’s assets (as at 31.12.2011).
Proposals will firstly be assessed versus the criteria in the Pre Qualification Questionnaire (PQQ). Proposals fulfilling the requirements of the Pre Qualification Questionnaire will be invited to Tender. Completed Tender documents will be scored in line with the Award Criteria in section IV.2.1 of this document and the “Instructions” section of the Tender document. There will be a section in the Tender document titled “Operational Due Diligence”. At this stage, responses will firstly be assessed against the Operational Due Diligence requirements. Only those assigned a “Pass” for this section will have the remaining Tender document scored. Proposals that are assigned a “Fail” for Operational Due Diligence will not have the remainder of their Tender document scored and therefore will not be considered suitable for this mandate.
A short list of the highest scoring Tender documents will be invited to present to the Committee. At this stage 80 % of the Tender score will be retained and up to 20 % assigned to “Communication”. This score will be awarded at the selection day based on the effectiveness of the presentation received. Further details on the “Communication” stage will be provided in advance of the selection day.
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): no
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:

In total the mandate may represent around 10 % of the Fund’s total assets (as at 31.12.2011).
II.2.2)Information about options
II.2.3)Information about renewals
II.3)Duration of the contract or time limit for completion

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

The performance of the contract is subject to particular conditions: no
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: Candidates must be registered under the terms of the FSA 1986, or equivalent law of member state to manage assets of occupational pension funds. Proof of registration must be provided.
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

Execution of the service is reserved to a particular profession: yes
Reference to the relevant law, regulation or administrative provision: Please see III.2.1.
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

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

Objective criteria for choosing the limited number of candidates: The manager should be regulated by the FSA in the UK, or by the SEC if based in the USA. The manager should have a compliance report from the last 2 years (or a valid reason for not having one). Total bond assets under management should be at least 1,000m GBP, and the proposed strategy should have at least 500 000 000 GBP invested in it. The ability for assets to be managed on a segregated basis with nil or minimal use of pooled funds. The proposed product, or capabilities in running this type of mandate, should have at least 4 years of performance history. The fee basis offered should be competitive. The manager’s fixed income team should have sufficient depth.
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 below

1. Investment Process – General. Weighting 25

2. Risk Management. Weighting 20

3. Performance. Weighting 15

4. Business. Weighting 10

5. Organisation and Staff. Weighting 10

6. Charges and Fees. Weighting 10

7. Client Service. Weighting 5

8. Responsible Investment. Weighting 5

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:
IV.3.2)Previous publication(s) concerning the same contract
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document
IV.3.4)Time limit for receipt of tenders or requests to participate

11.4.2012 – 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

English.
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

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
VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures
VI.4.2)Lodging of appeals
VI.4.3)Service from which information about the lodging of appeals may be obtained

VI.5)Date of dispatch of this notice:5.3.2012