Services - 414290-2016

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24/11/2016    S227    - - Services - Contract notice - Open procedure 

United Kingdom-Chelmsford: Pension fund management services

2016/S 227-414290

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Essex County Council
PO Box 11, County Hall
Contact point(s): Investment Research Team
CM1 1LX Chelmsford
United Kingdom
Telephone: +141 5667848
E-mail: Essex2016Infrasearch@hymans.co.uk

Internet address(es):

General address of the contracting authority: www.essexcc.gov.uk

Further information can be obtained from: Hymans Robertson LLP
20 Waterloo Street
For the attention of: Investment Research Team
G2 6DB Glasgow
United Kingdom
Telephone: +141 5667848
E-mail: Essex2016Infrasearch@hymans.co.uk
Internet address: www hymans.co.uk

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from: Hymans Robertson LLP
20 Waterloo Street
For the attention of: Investment Research Team
G2 6DB Glasgow
United Kingdom
Telephone: +141 5667848
E-mail: Essex2016Infrasearch@hymans.co.uk
Internet address: www.hymans.co.uk

Tenders or requests to participate must be sent to: Hymans Robertson LLP
20 Waterloo Street
For the attention of: Investment Research Team
G2 6DB Glasgow
United Kingdom
Telephone: +141 5667848
E-mail: Essex2016Infrasearch@hymans.co.uk
Internet address: www.hymans.co.uk

I.2)Type of the contracting authority
Regional or local authority
I.3)Main activity
Economic and financial affairs
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)Description
II.1.1)Title attributed to the contract by the contracting authority:
Appointment of Pension Fund Investment Manager — Infrastructure.
II.1.2)Type of contract and location of works, place of delivery or of performance
Services
Service category No 6: Financial services a) Insurances services b) Banking and investment services

NUTS code UKH33

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 Fund is looking to allocate approximately 100 000 000 GBP to unlisted infrastructure fund(s), equivalent to 2 % of the Fund assets (based on latest valuations). We will consider both a 2 % allocation to one manager and a 1 % allocation to 2 managers. Fund managers should manage at least 500 000 000 GBP of infrastructure assets to be considered (either already deployed, committed to projects, or committed by investors to their strategy). Both open-ended and closed-ended solutions will be considered. We do not wish to consider listed infrastructure funds or fund of fund solutions. Target returns will be discussed and agreed with the successful manager(s). Infrastructure debt strategies may be considered as part of a broader solution but are unlikely to deliver a high enough return in isolation. Preferred solutions will focus on UK, European or Global opportunities.
The Council reserves the right to alter the value of the funds awarded and this may change over time.
The Council reserves the right to alter the length of the contract.
II.1.6)Common procurement vocabulary (CPV)

66141000

II.1.7)Information about Government Procurement Agreement (GPA)
The contract is covered by the Government Procurement Agreement (GPA): no
II.1.8)Lots
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 Fund is looking to allocate approximately 100 000 000 GBP to unlisted infrastructure fund(s), equivalent to 2 % of the Fund assets (based on latest valuations). We will consider both a 2 % allocation to one manager and a 1 % allocation to 2 managers. Fund managers should manage at least 500 000 000 GBP of infrastructure assets to be considered (either already deployed, committed to projects, or committed by investors to their strategy). Both open-ended and closed-ended solutions will be considered. We do not wish to consider listed infrastructure funds or fund of fund solutions. Target returns will be discussed and agreed with the successful manager(s). Infrastructure debt strategies may be considered as part of a broader solution but are unlikely to deliver a high enough return in isolation. Preferred solutions will focus on UK, European or Global opportunities.
The Council reserves the right to alter the value of the funds awarded and this may change over time.
The Council reserves the right to alter the length of the contract.
II.2.2)Information about options
Options: no
II.2.3)Information about renewals
This contract is subject to renewal: no
II.3)Duration of the contract or time limit for completion

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
The performance of the contract is subject to particular conditions: no
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: Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension funds. Proof of registration must be provided.
III.2.2)Economic and financial ability
III.2.3)Technical capacity
Information and formalities necessary for evaluating if the requirements are met:
Providers should complete a Request for Proposal (RfP). Please contact Hymans Robertson LLP for a copy of the RfP. Contact details can be found in Annex A.
Minimum level(s) of standards possibly required:
Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of European Economic Area (EEA) member state to manage the assets of occupational pension schemes. Providers must be able to comply with appropriate LGPS regulations.
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: Providers must be registered under the terms of the UK Financial Services and Markets Act 2000 or equivalent law of European Economic Area (EEA) to manage the assets of occupational pension funds. See III 2.1) above.
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
Open
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
no
IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document
IV.3.4)Time limit for receipt of tenders or requests to participate
22.12.2016 - 10:00
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
English.
IV.3.7)Minimum time frame during which the tenderer must maintain the 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: As per the Public Contracts Regulations 2016.
VI.4.3)Service from which information about the lodging of appeals may be obtained
VI.5)Date of dispatch of this notice:
22.11.2016