Services - 381110-2014

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07/11/2014    S215

United Kingdom-Bath: Pension investment services

2014/S 215-381110

Contract notice


Directive 2004/18/EC

Section I: Contracting authority

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

Official name: Bath and North East Somerset Council
Postal address: Lewis House, Manvers Street
Town: Bath
Postal code: BA1 1JG
Country: United Kingdom
For the attention of: C/O Jig Sheth

Internet address(es):

General address of the contracting authority:

Address of the buyer profile:

Tenders or requests to participate must be sent to:
Official name: Investment Management Services — Managing a Portfolio of Hedge Funds
Postal address: All documents are available on Bath and North East Somerset Council's etendering system. Reference Number: 9QAK-SHD95J Please also use this system for any communications in relation to this tender
Country: United Kingdom
Internet address:

I.2)Type of the contracting authority
Regional or local authority
I.3)Main activity
General public services
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.1.1)Title attributed to the contract by the contracting authority:
Investment Management Services — managing a portfolio of hedge funds.
II.1.2)Type of contract and location of works, place of delivery or of performance
Service category No 6: Financial services a) Insurances services b) Banking and investment services
Main site or location of works, place of delivery or of performance: Keynsham Civic Centre, Market Walk, Keynsham, BS31 1FS.

NUTS code UKK12 Bath and North East Somerset

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 Avon Pension Fund (administered by Bath and North East Somerset Council) invites tenders from interested parties to provide investment management services to the Fund for the set-up, implementation, and management of a diversified portfolio of hedge funds. The tender is for the management of a bespoke portfolio of hedge funds, equating to approximately 5 % of the Pension Fund's overall assets, or approximately GBP 165 000 000 at current levels.
The target is to achieve a return of the higher of: 3 month LIBOR + 3 % p.a.; or 6.0 % p.a., net of all fees over rolling three year periods, with volatility of one third to one half of equity markets.
II.1.6)Common procurement vocabulary (CPV)

66131100 Pension investment services

II.1.7)Information about Government Procurement Agreement (GPA)
The contract is covered by the Government Procurement Agreement (GPA): yes
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 assets to be managed are valued at approximately 165 000 000 GBP.
II.2.2)Information about options
Options: no
II.2.3)Information about renewals
II.3)Duration of the contract or time limit for completion
Duration in months: 60 (from the award of the contract)

Section III: Legal, economic, financial and technical information

III.1)Conditions relating to the contract
III.1.1)Deposits and guarantees required:
III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:
III.1.3)Legal form to be taken by the group of economic operators to whom the contract is to be awarded:
III.1.4)Other particular conditions
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 in tender documentation.
III.2.2)Economic and financial ability
Information and formalities necessary for evaluating if the requirements are met: As detailed in tender documentation.
III.2.3)Technical capacity
Information and formalities necessary for evaluating if the requirements are met:
As detailed in tender documentation.
III.2.4)Information about reserved contracts
III.3)Conditions specific to services contracts
III.3.1)Information about a particular profession
Execution of the service is reserved to a particular profession: yes
Reference to the relevant law, regulation or administrative provision: An institution which satisfies the requirements of the Local Government Pension Scheme (Management and Investment of Funds) regulations 2009.
In particular, providers must be:
a. authorised under the Financial Services and Markets Act 2000 (the ‘2000 Act’).
b. an EEA firm of the kind detailed in Schedule 3 of the 2000 Act which has permission under that Schedule to manage investments and may lawfully manage the assets of occupational pension schemes.
c. a person:
— who does not carry on regulated activities (within the meaning of the 2000 Act) from a permanent place of business maintained by that person in the UK;
— whose head office is situated in an EEA State (within the meaning of the 2000 Act) other than the UK;
— who is recognised by the law of that EEA State as a national of that or another EEA State;
— who is authorised under that law to carry on one or more regulated activities (within the meaning of the 2000 Act); and
— who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.
Proof of registration/authorisation must be provided.
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
IV.1.2)Limitations on the number of operators who will be invited to tender or to participate
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: no
IV.3)Administrative information
IV.3.1)File reference number attributed by the contracting authority:
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: 22.12.2014 - 12:00
Payable documents: no
IV.3.4)Time limit for receipt of tenders or requests to participate
22.12.2014 - 12:00
IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates
IV.3.6)Language(s) in which tenders or requests to participate may be drawn up
IV.3.7)Minimum time frame during which the tenderer must maintain the tender
Duration in months: 6 (from the date stated for receipt of tender)
IV.3.8)Conditions for opening of tenders

Section VI: Complementary information

VI.1)Information about recurrence
This is a recurrent procurement: no
VI.2)Information about European Union funds
The contract is related to a project and/or programme financed by European Union funds: no
VI.3)Additional information
VI.4)Procedures for appeal
VI.4.1)Body responsible for appeal procedures
VI.4.2)Lodging of appeals
Precise information on deadline(s) for lodging appeals: The Authority will allow a minimum 10 calendar day standstill period between notifying the award decision and awarding the contract. Unsuccessful tenderers and applicants are entitled to receive reasons for the decision, including the characteristics and relative advantages of the winning bid and the reasons why the tenderer/applicant was unsuccessful. Should additional information be required it should be requested of the addressee in section I.1. Aggrieved parties who have been harmed or are at risk of harm by breach of the procurement rules have the right to take action in the High Court (England and Wales). Any such action is subject to strict time limits and must be brought in accordance with the Public Contracts Regulations 2006 as amended by the Public Contracts (Amendment) Regulations 2009.
VI.4.3)Service from which information about the lodging of appeals may be obtained

Official name: Bath and North East Somerset Council
Postal address: Avon Pension Fund, Lewis House, Manvers Street
Town: Bath
Postal code: BA1 1JG
Country: United Kingdom

VI.5)Date of dispatch of this notice: