Supply of Investment Management Services

Contract for the supply of multi asset fund investment management services for the London Borough of Hounslow Pension Fund.

United Kingdom-Hounslow: Pension investment services

2016/S 058-097921

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

London Borough of Hounslow
Lampton Road, Civic Centre
For the attention of: Mr Mark Pearson
TW3 4DN Hounslow
UNITED KINGDOM
Telephone: +44 2085835763
E-mail: mark.pearson@hounslow.gov.uk

Internet address(es):

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

Address of the buyer profile: http://www.londontenders.org

Electronic access to information: http://www.londontenders.org

Electronic submission of tenders and requests to participate: http://www.londontenders.org

Further information can be obtained from: London Borough of Hounslow
Lampton Road, Civic Centre
For the attention of: Mr Mark Pearson
TW3 4DN Hounslow
UNITED KINGDOM
Telephone: +44 2085835763
E-mail: mark.pearson@hounslow.gov.uk

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: London Borough of Hounslow
Lampton Road, Civic Centre
For the attention of: Mr Mark Pearson
TW3 4DN Hounslow
UNITED KINGDOM
Telephone: +44 2085835763
E-mail: mark.pearson@hounslow.gov.uk

Tenders or requests to participate must be sent to: London Borough of Hounslow
Lampton Road, Civic Centre
For the attention of: Mr Mark Pearson
TW3 4DN Hounslow
UNITED KINGDOM
Telephone: +44 2085835763
E-mail: mark.pearson@hounslow.gov.uk

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:

Contract for the supply of multi asset fund investment management services for the London Borough of Hounslow Pension Fund (LBHPF).

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

NUTS code UKI23

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 Investment Services. The London Borough of Hounslow in its capacity as Administering Authority for the London Borough of Hounslow pension Fund (‘the Authority’), is seeking to appoint 1 Investment Manager to run a multi asset income fund for the London Borough of Hounslow Pension Fund ‘The Fund’.
The appointed manager will manage between 75 000 000 GBP and 100 000 000 GBP. It is intended that this mandate will commence 1.9.2016 or such date as directed by the Authority.

II.1.6)Common procurement vocabulary (CPV)

66131100

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

Variants will be accepted: no

II.2)Quantity or scope of the contract

II.2.1)Total quantity or scope:

The London Borough of Hounslow in its capacity as Administrating Authority for the London Borough of Hounslow Pension Fund (‘The Authority’) is seeking to appoint 1 Investment manager to run a long only multi asset income fund with an initial value of between 75 000 000 GBP and 100 000 000 GBP. The requirement is for a minimum yield of 4 % annually with scope for capital growth from exposure to a diverse set of assets including Equities, Fixed Interest and property. The proposed fund should be hedged back to sterling as appropriate, be long only, with gross derivative exposure below 10 % of risk capital as measured by VaR, excluding currency hedging. In addition there is a liquidity requirement such that, under normal market conditions, 70 % of the assets can be realised within 1 day, 20 % within 1 week and 10 % within 1 month.
Estimated value excluding VAT:
Range: between 1 300 000 and 2 500 000 GBP

II.2.2)Information about options

Options: no

II.2.3)Information about renewals

This contract is subject to renewal: yes
Number of possible renewals: Range: between 2 and 5
In the case of renewable supplies or service contracts, estimated timeframe for subsequent contracts:
in months: 60 (from the award of the contract)

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

Duration in months: 180 (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:

As detailed in the tender Documents.

III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:

As detailed in the tender Documents.

III.1.3)Legal form to be taken by the group of economic operators to whom the contract is to be awarded:

As detailed in the tender Documents.

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: As detailed in the tender Documents.

III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: As detailed in the tender Documents.
Minimum level(s) of standards possibly required: As detailed in the tender Documents.

III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
As detailed in the tender Documents.
Minimum level(s) of standards possibly required:
As detailed in the tender Documents.

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: no

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: no

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

Envisaged minimum number 5

IV.1.3)Reduction of the number of operators during the negotiation or dialogue

Recourse to staged procedure to gradually reduce the number of solutions to be discussed or tenders to be negotiated no

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:

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

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

18.4.2016 – 12:00

IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates

18.5.2016

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

Persons authorised to be present at the opening of tenders: no

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

High Court Royal Courts of Justice
The Strand
WC2A 2LL London
UNITED KINGDOM
Telephone: +44 2079476000

VI.4.2)Lodging of appeals

Precise information on deadline(s) for lodging appeals: In accordance with Chapter 6 regulations 88 to 104 of the Public Contracts Regulations 2015.

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

VI.5)Date of dispatch of this notice:

18.3.2016