United Kingdom-Northallerton: Portfolio management services
Section I: Contracting authority
Main address: http://www.northyorks.gov.uk/
Address of the buyer profile: http://www.northyorks.gov.uk/
Section II: Object
Insurance — Linked securities
North Yorkshire County Council (as administering authority of the North Yorkshire Pension Fund).
Following a recent investment strategy review, the Pension Fund Committee (the 'PFC') of the North Yorkshire Pension Fund (the 'Fund') is currently considering introducing an Insurance-Linked Securities ('ILS') mandate(s). The allocation is expected to account for between 3.3 % – 5 % of total Fund assets (equivalent to c. GBP 110 000 000 to c. GBP 165 000 000). The rationale behind the appointment is to reduce the Fund's overall exposure to equities (as the source of assets for the ILS appointment will be equities) following recent material improvement in the Fund's solvency level.
The returns from ILS depend on the underlying risks which are very different from those of traditional assets. This facet is unique. Allocating to ILS therefore helps in building a more robust overall portfolio with a strong risk/return profile.
Initial contract term of 3 years with the option to extend for 7 further 1 year extensions. Total possible contract term 10 years. (3+1+1+1+1+1+1+1).
Section III: Legal, economic, financial and technical information
In the procurement documents.
Section IV: Procedure
The North Yorkshire Pension Fund is carrying out an urgent review of its investment portfolio in light of interest fluctuations and performance of some of its fund managers. This has proven to be more turbulent as the UK conducts its Brexit negotiations and the Pension Fund Committee wishes to mitigate the risks associated with this at short notice.
To remove some of this exposure to these risks, the Fund would like to introduce some new lower risk asset classes to its portfolio. In particular, the Fund is considering investing in Insurance Linked Securities which can only be accessed twice a year, with the next intake being 6.2018. To mitigate against risks as soon as possible, the Fund will need to be in a position to invest in this intake.
Section VI: Complementary information
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