Tender for Long Term Funds Management Services

Tender for Long Term Funds Management Services

The Open University is proposing to set up a long term investment fund of GBP 50 million ‘Fund 1’ (Lot 1).

United Kingdom-Milton Keynes: Investment banking services and related services

2020/S 128-314897

Contract notice

Services

Legal Basis:

Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses

Official name: The Open University
Postal address: Walton Hall
Town: Milton Keynes
NUTS code: UKJ12 Milton Keynes
Postal code: MK7 6BP
Country: United Kingdom
Contact person: Buyer – Procurement
E-mail: finance-tenders@open.ac.uk
Internet address(es):Main address: www.open.ac.uk

Address of the buyer profile: https://in-tendhost.co.uk/openuniversity

I.2)Information about joint procurement

I.3)Communication

The procurement documents are available for unrestricted and full direct access, free of charge, at: https://in-tendhost.co.uk/openuniversity
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be submitted to the abovementioned address

I.4)Type of the contracting authority

Body governed by public law

I.5)Main activity

Education

Section II: Object

II.1)Scope of the procurement

II.1.1)Title:

Long Term Funds Management Services/PRO/OJEU/2020

II.1.2)Main CPV code

66120000 Investment banking services and related services

II.1.3)Type of contract

Services

II.1.4)Short description:

Lot 1: To procure long term investment fund management services for its ‘Fund 1’ of GBP 50 million;

Lot 2: To procure long term investment fund management services for its ‘Fund 2’ of GBP 40 million — GBP 45 million.

II.1.5)Estimated total value

Value excluding VAT: 9 500 000.00 GBP

II.1.6)Information about lots

This contract is divided into lots: yes
Tenders may be submitted for all lots
Maximum number of lots that may be awarded to one tenderer: 1
II.2)Description

II.2.1)Title:

Lot 1: ‘ Fund 1’

Lot No: 1

II.2.2)Additional CPV code(s)

66120000 Investment banking services and related services

II.2.3)Place of performance

NUTS code: UKJ12 Milton Keynes

II.2.4)Description of the procurement:

The Open University (OU) is proposing to set up a long term investment fund of GBP 50 million ‘Fund 1’ (Lot 1)

The University is seeking bids from experienced organisations that can set up and manage the Fund.

The style of Fund 1 will complement the University’s existing long-term investment portfolio and will fall under one or more of the following styles: index, ESG, thematic, and value.

The appointed organisation would be expected to have a proven track record of running investment funds and achieving strong returns in a variety of market conditions.

The University will require an understanding of any proposed use of derivatives to achieve returns, mitigate risk and of any derived embedded counterparty risks that may arise.

The appointed organisation would be expected to demonstrate that they have a clear ESG strategy, which shows commitment to embedding ESG in the investment management process and is consistent with the University’s Responsible Investment Framework.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 5 000 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 60
This contract is subject to renewal: yes
Description of renewals:

Initial period of 5 years + 5 years extension period.

II.2.9)Information about the limits on the number of candidates to be invited

Envisaged number of candidates: 6

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information
II.2)Description

II.2.1)Title:

Lot 2: ‘Fund 2’

Lot No: 2

II.2.2)Additional CPV code(s)

66120000 Investment banking services and related services

II.2.3)Place of performance

NUTS code: UKJ12 Milton Keynes

II.2.4)Description of the procurement:

The Open University (OU) is proposing re-tender its ‘wealth preservation’ fund which aims to achieve a minimum target total return with minimal volatility.

This concerns the investment of GBP 40 million — GBP 45 million ‘Fund 2’, referred to as lot 2.

The University is seeking bids from experienced organisations that can set up and manage the Fund.

The appointed organisation would be expected to have a proven track record of running investment funds and achieving strong returns in a variety of market conditions.

The University will require an understanding of any proposed use of derivatives to achieve returns, mitigate risk and of any derived embedded counterparty risks that may arise.

II.2.5)Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.6)Estimated value

Value excluding VAT: 4 500 000.00 GBP

II.2.7)Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 60
This contract is subject to renewal: yes
Description of renewals:

Initial period of 5 years + 5 years extension period.

II.2.9)Information about the limits on the number of candidates to be invited

Envisaged minimum number: 2
Maximum number: 4

II.2.10)Information about variants

Variants will be accepted: no

II.2.11)Information about options

Options: no
II.2.12)Information about electronic catalogues

II.2.13)Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information

Section III: Legal, economic, financial and technical information

III.1)Conditions for participation
III.1.1)Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers

III.1.2)Economic and financial standing

Selection criteria as stated in the procurement documents

III.1.3)Technical and professional ability

Selection criteria as stated in the procurement documents
III.1.5)Information about reserved contracts
III.2)Conditions related to the contract
III.2.1)Information about a particular profession
III.2.2)Contract performance conditions:
III.2.3)Information about staff responsible for the performance of the contract

Section IV: Procedure

IV.1)Description

IV.1.1)Type of procedure

Restricted procedure
IV.1.3)Information about a framework agreement or a dynamic purchasing system
IV.1.4)Information about reduction of the number of solutions or tenders during negotiation or dialogue
IV.1.6)Information about electronic auction

IV.1.8)Information about the Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: yes
IV.2)Administrative information
IV.2.1)Previous publication concerning this procedure

IV.2.2)Time limit for receipt of tenders or requests to participate

Date: 04/08/2020
Local time: 12:00

IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates

Date: 24/08/2020

IV.2.4)Languages in which tenders or requests to participate may be submitted:

English

IV.2.6)Minimum time frame during which the tenderer must maintain the tender

Duration in months: 6 (from the date stated for receipt of tender)
IV.2.7)Conditions for opening of tenders

Section VI: Complementary information

VI.1)Information about recurrence

This is a recurrent procurement: no

VI.2)Information about electronic workflows

Electronic ordering will be used
VI.3)Additional information:
VI.4)Procedures for review

VI.4.1)Review body

Official name: The Open University
Postal address: Walton Hall
Town: Milton Keynes
Postal code: MK7 6AA
Country: United Kingdom

VI.4.2)Body responsible for mediation procedures

Official name: The Open University
Postal address: Walton Hall
Town: Milton Keynes
Postal code: MK7 6AA
Country: United Kingdom
VI.4.3)Review procedure

VI.4.4)Service from which information about the review procedure may be obtained

Official name: The Open University
Postal address: Walton Hall
Town: Milton Keynes
Postal code: MK7 6AA
Country: United Kingdom

VI.5)Date of dispatch of this notice:

02/07/2020