Pension Fund Management Services for Devon County Council

Pension Fund Management Services for Devon County Council

The Devon County Council Pension Fund is seeking to appoint a fund manager for a GBP 250m allocation to an Alternative Indexation equity mandate (sometimes referred to as ‘Smart Beta’), using either a pooled vehicle(s) or on a segregated basis.

United Kingdom-Exeter: Pension fund management services

2014/S 193-341031

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Devon County Council
County Hall, Topsham Road, Devon
Contact point(s): c/o JLT Employee Benefits
For the attention of: Cameron McMullen
EX2 4QJ Exeter
UNITED KINGDOM
Telephone: +44 1612531195
E-mail: cameron_mcmullen@jltgroup.com

Internet address(es):

General address of the contracting authority: http://www.devon.gov.uk

Address of the buyer profile: http://www.devon.gov.uk

Electronic access to information: http://www.jltic-swim.com

Electronic submission of tenders and requests to participate: http://www.jltic-swim.com

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:

Pension Fund Investment Manager(s) — Alternative Indexation, sometimes referred to as ‘Smart Beta’.

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: County Hall, Topsham Road, Exeter, EX2 4QJ.

NUTS code UKK43

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 Devon County Council Pension Fund is seeking to appoint a fund manager for a GBP 250m allocation to an Alternative Indexation equity mandate (sometimes referred to as ‘Smart Beta’), using either a pooled vehicle(s) or on a segregated basis.
The systematic mandate is to consist of a blend of value, quality and low volatility approaches. Single factor dependency is to be avoided and a fixed allocation between investment styles is preferred to that of a more dynamic nature. The preference is for a global unhedged approach to be adopted.
Interested parties will need to provide evidence of skills, experience and expertise of running such a mandate, with a minimum requirement of assets under management of at least GBP 2.5bn within this type of systematic investment approach.
This mandate is to be managed on a long-only equity basis with a request that interested parties use widely recognised benchmark(s).

Interested parties are to register their intent to participate at www.jltic-swim.com

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

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:

The Devon County Council Pension Fund is seeking to appoint a fund manager for a GBP 250m allocation to an Alternative Indexation equity mandate (sometimes referred to as ‘Smart Beta’), using either a pooled vehicle(s) or on a segregated basis.
The systematic mandate is to consist of a blend of value, quality and low volatility approaches. Single factor dependency is to be avoided and a fixed allocation between investment styles is preferred to that of a more dynamic nature. The preference is for a global unhedged approach to be adopted.
Interested parties will need to provide evidence of skills, experience and expertise of running such a mandate, with a minimum requirement of assets under management of at least GBP 2.5bn within this type of systematic investment approach.
This mandate is to be managed on a long-only equity basis with a request that interested parties use widely recognised benchmark(s).

Interested parties are to register their intent to participate at www.jltic-swim.com

II.2.2)Information about options

Options: no

II.2.3)Information about renewals

This contract is subject to renewal: no
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
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: Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension schemes. Providers must be able to comply with appropriate LGPS regulations.
III.2.2)Economic and financial ability

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
Interested parties will need to provide evidence of skills, experience and expertise of running such a mandate with a minimum requirement of holding assets under management of GBP 2.5bn within this type of systematic investment approach.
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: Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension schemes. Proof of registration must be provided.
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

Open
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
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

no
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

7.11.2014 – 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 of tenders

Section VI: Complementary information

VI.1)Information about recurrence
VI.2)Information about European Union funds
VI.3)Additional information
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: The Authority will allow a minimum 10 calendar day standstill period between notifying the award decision and awarding the contract. Unsuccessful tenderers and applicants are entitled to receive reasons for the decision, including the characteristics and relative advantages of the winning bid and the reasons why the tenderer/applicant was unsuccessful. Should additional information be required it should be requested of the addressee in section I.1. Aggrieved parties who have been harmed or are at risk of harm by breach of the procurement rules have the right to take action in the High Court (England and Wales).
Any such action is subject to strict time limits and must be brought in accordance with the Public Contracts Regulations 2006 as amended by the Public Contracts (Amendment) Regulations 2009.

VI.4.3)Service from which information about the lodging of appeals may be obtained

Devon County Council
Devon County Council Pension Fund County Hall Topsham Road Exeter
EX2 4QJ Exeter
UNITED KINGDOM

VI.5)Date of dispatch of this notice:

3.10.2014