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United Kingdom-London: Trust and custody services
Section I: Contracting authority
Main address: https://londonciv.org.uk/
Address of the buyer profile: https://londonciv.org.uk/
Section II: Object
London CIV AIF Asset Servicer, Global Custodian and Depositary
London CIV was authorised as an Alternative Investment Fund Manager (AIFM) and currently has 6 500 000 000 GBP of assets under management. London CIV’s scope of regulatory permissions have been expanded to operate unauthorised Alternative Investment Funds (AIFs). Work is underway to expand the current fund offering to include alternative investments. In support of these strategic objectives, London CIV is seeking to appoint an administrator, global custodian and depositary to support further investments in alternative assets.
London LGPS CIV Limited (“London CIV” or “LCIV”) is a Local Government Pension Scheme (LGPS) pool responsible for pooling the investments of 32 London Local Authority (LLAs) pension funds, formed to significantly reduce costs while delivering enhanced overall investment performance. The strategic objectives of LCIV are to deliver cost savings, provide a broader range of investment opportunities, provide transparency and improved investment outcomes. With over 35 000 000 000 GBP of assets across the 32 LLAs there is significant scope for such savings and efficiencies.
Details of the services should cover the following elements:
— transfer agency – administer the subscription, redemptions, distributions and switches,
— investor reporting – contract notes, confirmation, valuation statements,
— accounting – daily, weekly, monthly or quarterly NAV production, to be determined by fund..
— global custody — global safe custody of segregated assets, asset administration and cash management if required.
— safekeeping of assets,
— cash monitoring,
LCIV can take an option to extend the contract by 2 years subject to satisfactory performance.
Envisaged number of candidates:
Up to 3 to be invited to submit Invitations to Participate in Negotiation and up to 3 to be invited to submit Invitations to Submit Final Tenders. LCIV reserves the right to take forward more than 3 candidates at both stages.
Following the selection of up to 3 bidders to participate in dialogue, no further reduction during negotiation or dialogue will take place.
Section III: Legal, economic, financial and technical information
Information and formalities necessary for evaluating if the requirements are met:
Potential service providers will be assessed on the basis of information provided in response to an Invitation to Participate in Dialogue.
Section IV: Procedure
Section VI: Complementary information
Estimated timing for further notices to be published: subject to political, organisational and funding at the time it is envisaged to have a similar arrangement in place for 2023 at the latest subject to the use of extension clause.
Internet address: https://londonciv.org.uk/