Tender for appointment of an investment manager

Tender for appointment of an investment manager

Appointment of an investment manager for a lower volatility global equity mandate. It should be noted that this appointment will be made alongside the appointment of a high conviction manager. Firms may apply for both mandates, but a different firm will be appointed for each mandate.

UK-Carlisle: investment banking services and related services

2012/S 225-370855

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Cumbria County Council
The Courts
For the attention of: c/o Mercer Limited
CA3 8NA Carlisle
UNITED KINGDOM
Telephone: +44 1618376528

Internet address(es):

General address of the contracting authority: www.cumbria.gov.uk

Address of the buyer profile: http://www.mytenders.org/search/Search_AuthProfile.aspx?ID=AA1479

Further information can be obtained from: Mercer Limited
Mercer Limited, Belvedere, Booth Street
Contact point(s): Investments
For the attention of: Andy Farrington
M2 4AW Manchester
UNITED KINGDOM
Telephone: +44 1618376528
E-mail: andy.farrington@mercer.com

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: Mercer Limited
Mercer Limited, Belvedere, Booth Street
Contact point(s): Investments
For the attention of: Andy Farrington
M2 4AW Manchester
UNITED KINGDOM
Telephone: +44 1618376528
E-mail: andy.farrington@mercer.com

Tenders or requests to participate must be sent to: Mercer Limited
Mercer Limited, Belvedere, Booth Street
Contact point(s): Investments
For the attention of: Michelle Dimascio
M2 4AW Manchester
UNITED KINGDOM
Telephone: +44 1618376591
E-mail: michelle.dimascio@mercer.com

I.2)Type of the contracting authority

Regional or local authority
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:

Appointment of an investment manager for a lower volatility global equity mandate.
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
Main site or location of works, place of delivery or of performance: Within the north west of England.
NUTS code UKD1

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 Scheme requires an investment manager for a lower volatility global equity portfolio with an estimated value of 150 000 000 GBP (10 % of the Scheme based on current asset values). It is possible that this may increase to 20 % of the assets over time. It is anticipated that the appointment and funding will be for one manager.
It should be noted that this appointment will be made alongside the appointment of a high conviction manager. Firms may apply for both mandates, but a different firm will be appointed for each mandate.
The portfolio is to be managed with an objective of achieving the long term return from global equities with not more than 80 % of the volatility (return as defined by one of the leading equity market indices e.g. MSCI or FTSE, volatility as measured by the monthly movement in these indices in pounds sterling terms).
Approaches which indirectly achieve lower volatility, such as active managers pursuing a “quality” strategy, will be considered as well as those that explicitly seek to manage volatility directly. An approach which includes some allocation to other (defensive) asset classes (e.g. gold, government bonds, cash) will also be considered provided the rationale for these investments demonstrably aligns with the low volatility principle.
NOTE: To register your interest in this notice and obtain any additional information please visit the myTenders Web Site at http://www.myTenders.org/Search/Search_Switch.aspx?ID=95114.

II.1.6)Common procurement vocabulary (CPV)

66120000, 66520000, 66100000

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 exact size of the mandate will be affected by market movements. However, as a guide, the total size of the mandate is expected to be approximately 150 000 000 GBP – 200 000 000 GBP based on current market values. This could rise to 300 000 000 GBP over time (again based on current market values).
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:

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

As detailed within 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 within the tender documents.
III.1.4)Other particular conditions

The performance of the contract is subject to particular conditions: yes
Description of particular conditions: As detailed within tender documents.
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 within tender documents.
III.2.2)Economic and financial ability

Information and formalities necessary for evaluating if the requirements are met: As detailed within tender documents.
III.2.3)Technical capacity

Information and formalities necessary for evaluating if the requirements are met:
As detailed within tender documents.
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

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

Envisaged minimum number 6: and maximum number 8
Objective criteria for choosing the limited number of candidates: As detailed in tender documents.
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: yes
Additional information about electronic auction:
IV.3)Administrative information
IV.3.1)File reference number attributed by the contracting authority:

Mercer001
IV.3.2)Previous publication(s) concerning the same contract
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document

Time limit for receipt of requests for documents or for accessing documents: 19.12.2012
IV.3.4)Time limit for receipt of tenders or requests to participate

19.12.2012 – 12:00
IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates

1.2.2013
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: yes
Estimated timing for further notices to be published: As detailed within tender documents.
VI.2)Information about European Union funds
VI.3)Additional information

Cumbria County Council has appointed Mercer Limited to assist with this procurement process.
(MT Ref:95114).
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:19.11.2012