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United Kingdom-Preston: Banking and investment services
Section I: Contracting authority
Section II: Object
Lancashire Urban Development Fund Investment Management Services
The Lancashire Urban Development Fund (LUDF) will provide capital to fill finance gaps for private sector developers that aim to build workspace in Lancashire, operating on the basis of investing in developments to bring forward activity that the market would not otherwise invest in. It is intended that the LUDF will promote economic growth in Lancashire by providing a mechanism to bring forward fit-for-purpose industrial and commercial premises for SME's in Lancashire's priority growth sectors and help to unlock key strategic employment sites to support growth. This tender is for the establishment of a contract for the provision of investment fund management services for the LUDF. As the LUDF is part-funded by ERDF grant funding all investments and services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within the ITT, the specification and the contract documentation.
This tender is for the establishment of a contract for the provision of fund management services (the services as set out in the specification) for the LUDF. The appointed service provider will be responsible for managing all the affairs of the fund including the making of investment decisions at all stages through to term, disposal or exit/realisation. The contract will require the service provider to agree to the achievement of key performance indicators (KPIs) related to the investment of the funds. As the LUDF is part-funded by ERDF grant funding all investments and services will be required to be undertaken in accordance with EU rules and regulations, including in a State Aid compliant manner. All of the requirements will be detailed within this ITT, the specification and the contract documentation.
The outcome of the tender process will be a single contract with one service provider. The contract is for a 5-year term.
The contract is available for up to a 5-year period, following which there may be an opportunity for a re-procurement. The contract (investment management agreement) included within the tender pack outlines any break clauses or period within the awarded term.
EU funds relating to the Lancashire Urban Development Fund.
Section III: Legal, economic, financial and technical information
The service provider must be a professionally qualified and authorised fund manager as outlined in the specification.
The service provider should have and continue to hold all necessary regulatory approvals from the Regulatory Bodies necessary to perform the Service Provider's obligations in the delivery of the LUDF for the duration of this contract.
The service provider must act in accordance with best practice in the financial services industry in the United Kingdom and adhere to all regulatory requirements and legislation relevant to the provision of the services.
Section IV: Procedure
Section VI: Complementary information
Following the contract term there is potential (but not guarantee) for the procurement to be re-procured. The Service provider will be notified of this and the re-procurement advertised compliantly and accordingly.