Services - 219821-2019

13/05/2019    S91

United Kingdom-Winchester: Pension fund management services

2019/S 091-219821

Contract award notice

Results of the procurement procedure

Services

Legal Basis:
Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses
Official name: Hampshire County Council
Postal address: The Castle
Town: Winchester
NUTS code: UK UNITED KINGDOM
Postal code: SO23 8UJ
Country: United Kingdom
E-mail: procurement.support@hants.gov.uk
Internet address(es):
Main address: www.hants.gov.uk
Address of the buyer profile: https://in-tendhost.co.uk/hampshire/aspx/Home
I.4)Type of the contracting authority
Regional or local authority
I.5)Main activity
General public services

Section II: Object

II.1)Scope of the procurement
II.1.1)Title:

Provision of Multi-Asset Credit Mandates for the Hampshire Pension Fund

Reference number: CO12563
II.1.2)Main CPV code
66141000 Pension fund management services
II.1.3)Type of contract
Services
II.1.4)Short description:

The Hampshire Pension Fund was valued at 6 600 000 000 GBP at its last financial year end in March 2018 and has a strategic asset allocation to multi-asset credit of 10 %, which is a new addition to its investment strategy. The Pension Fund has appointed 2 investment managers to manage the multi-asset credit mandates. The overall mandate objective is to achieve a return of UK 3-month LIBOR plus 3-5 % per annum net of fees, over 3 and 5-year rolling periods. The mandate seeks to achieve its return objective by investing primarily in a portfolio of high yield fixed and floating rate corporate debt instruments issued by North American and European companies. The total value of the contracts awarded will depend on the value of investments under management but is estimated in the range of 12 800 000 GBP — 14 100 000 GBP over a 4-year period. This is the estimated value of fees due and not the value of the mandates awarded.

II.1.6)Information about lots
This contract is divided into lots: no
II.1.7)Total value of the procurement (excluding VAT)
Value excluding VAT: 14 100 000.00 GBP
II.2)Description
II.2.2)Additional CPV code(s)
66141000 Pension fund management services
II.2.3)Place of performance
NUTS code: UK UNITED KINGDOM
Main site or place of performance:

II.2.4)Description of the procurement:

The Hampshire Pension Fund was valued at 6 600 000 000 GBP at its last financial year end in March 2018 and has a strategic asset allocation to multi-asset credit of 10 %, which is a new addition to its investment strategy. The Pension Fund will appoint a maximum of 3 investment managers to manage the multi-asset credit mandates. The overall mandate objective is to achieve a return of UK 3 month Libor plus 3-5 % per annum net of fees, over 3 and 5-year rolling periods. The mandate seeks to achieve its return objective by investing primarily in a portfolio of high yield fixed and floating rate corporate debt instruments issued by North American and European companies. The total value of the contracts awarded will depend on the value of investments under management but is estimated in the range of 12 800 000 GBP - 14 100 000 GBP over a 4 year period. This is the estimated value of fees due and not the value of the mandates awarded.

II.2.5)Award criteria
Quality criterion - Name: Quality / Weighting: 85 %
Price - Weighting: Fees 15 %
II.2.11)Information about options
Options: no
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 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.1.8)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
Notice number in the OJ S: 2018/S 113-257247
IV.2.8)Information about termination of dynamic purchasing system
IV.2.9)Information about termination of call for competition in the form of a prior information notice

Section V: Award of contract

Title:

Provision of Multi-Asset Credit Mandates for the Hampshire Pension Fund

A contract/lot is awarded: yes
V.2)Award of contract
V.2.1)Date of conclusion of the contract:
08/05/2019
V.2.2)Information about tenders
Number of tenders received: 8
Number of tenders received by electronic means: 8
The contract has been awarded to a group of economic operators: yes
V.2.3)Name and address of the contractor
Official name: Alcentra Ltd
Postal address: 160 Queen Victoria Street
Town: London
NUTS code: UKI LONDON
Postal code: EC4V 4LA
Country: United Kingdom
The contractor is an SME: no
V.2.3)Name and address of the contractor
Official name: Baring Asset Management Ltd
Postal address: 155 Bishopsgate
Town: London
NUTS code: UKI LONDON
Postal code: EC2M 3XY
Country: United Kingdom
The contractor is an SME: no
V.2.4)Information on value of the contract/lot (excluding VAT)
Initial estimated total value of the contract/lot: 14 100 000.00 GBP
Total value of the contract/lot: 14 100 000.00 GBP
V.2.5)Information about subcontracting

Section VI: Complementary information

VI.3)Additional information:
VI.4)Procedures for review
VI.4.1)Review body
Official name: Hampshire County Council
Postal address: The Castle
Town: Winchester
Postal code: SO23 8UJ
Country: United Kingdom
VI.4.3)Review procedure
Precise information on deadline(s) for review procedures:

VI.4.4)Service from which information about the review procedure may be obtained
Official name: Hampshire County Council
Postal address: The Castle
Town: Winchester
Postal code: SO23 8UJ
Country: United Kingdom
E-mail: procurement.support@hants.gov.uk
Internet address: www.hants.gov.uk
VI.5)Date of dispatch of this notice:
09/05/2019