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Services - 50158-2014

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13/02/2014    S31

United Kingdom-London: Pension fund management services

2014/S 031-050158

Contract notice

Services

Directive 2004/18/EC

Section I: Contracting authority

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

Official name: London Borough of Camden
Postal address: Argyle Street
Town: London
Postal code: WC1H 8NG
Country: United Kingdom
For the attention of: Nigel Mascarenhas
E-mail: nigel.mascarenhas@camden.gov.uk
Telephone: +44 2079741904

Internet address(es):

General address of the contracting authority: http://www.camden.gov.uk

Address of the buyer profile: https://uk.eu-supply.com/lbcamden.asp

Further information can be obtained from:
The above mentioned contact point(s)

Specifications and additional documents (including documents for competitive dialogue and a dynamic purchasing system) can be obtained from:
The above mentioned contact point(s)

Tenders or requests to participate must be sent to:
The above mentioned contact point(s)

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)Description
II.1.1)Title attributed to the contract by the contracting authority:
LBC\UGEM\2014 - Appointment of Pension Fund Investment Manager(s) - Unconstrained Global Equity Mandate
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
Main site or location of works, place of delivery or of performance: Within the London Borough of Camden.

NUTS code UKI1 Inner London

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 mandate is for one or more unconstrained global equity managers. The Fund's allocation to the new unconstrained global equity manager(s) is initially expected to be in the region of 100-150 million GBP; any applicant, however, must have capacity to manage up to 500 million GBP in this mandate. The relative outperformance objective is 2-3 % plus per annum in excess of the MSCI All Countries World Index or FTSE All World Index benchmarks on a rolling 3 year basis net of fees. Only long only segregated or pooled solutions that are physically invested will be considered, although some off-benchmark investment flexibility is acceptable. Consideration will be given to the extent to which the investment style that is being proposed is complementary to that of the incumbent global equity manager. Fund of funds and multi-manager proposals are not being sought. The Council reserves the right to vary the size of the mandate(s) awarded.
II.1.6)Common procurement vocabulary (CPV)

66141000 Pension fund management services

II.1.7)Information about Government Procurement Agreement (GPA)
The contract is covered by the Government Procurement Agreement (GPA): yes
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 mandate is for one or more unconstrained global equity managers. The Fund's allocation to the new unconstrained global equity manager(s) is initially expected to be in the region of 100-150 million GBP; any applicant, however, must have capacity to manage up to 500 million GBP in this mandate. The relative outperformance objective is 2-3 % plus per annum in excess of the MSCI All Countries World Index or FTSE All World Index benchmarks on a rolling 3 year basis net of fees. Only long only segregated or pooled solutions that are physically invested will be considered, although some off-benchmark investment flexibility is acceptable. Consideration will be given to the extent to which the investment style that is being proposed is complementary to that of the incumbent global equity manager. Fund of funds and multi-manager proposals are not being sought. The Council reserves the right to vary the size of the mandate(s) awarded.
Estimated value excluding VAT: 550 000 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

Section III: Legal, economic, financial and technical information

III.1)Conditions relating to the contract
III.1.1)Deposits and guarantees required:
Please refer to the PQQ and ITT documents.
III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:
Payments will be made in accordance with the standard terms of payment detailed in the tender documents.
III.1.3)Legal form to be taken by the group of economic operators to whom the contract is to be awarded:
Providers applying as a consortium or joint venture must provide full details of each member of the consortium and confirm that the grouping is a legal venture with joint and several liabilities. Each member will be jointly and severally responsible for the performance of the contract. In the case of a consortium bid a lead contractor will be required to represent the consortium.
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: Organisations must be regulated by the UK Financial Conduct Authority or European Economic Member State equivalent body and be able to comply with the appropriate LGPS regulations.
III.2.2)Economic and financial ability
Information and formalities necessary for evaluating if the requirements are met: Managers should have a minimum of £1 billion (or equivalent) of assets invested in global equity strategies. Any pooled solutions should have a minimum track record of 3 years. If a bespoke solution is being put forward, then the manager should have been managing similar strategies for at least 3 years.
Minimum level(s) of standards possibly required: As detailed within the pre-qualification questionnaire and/or tender documents.
III.2.3)Technical capacity
Information and formalities necessary for evaluating if the requirements are met:
In accordance with the information and formalities set out in Article 48 of Directive 2004/18/EC and Regulation 24 of the Public Contracts Regulations 2006 as set out in the pre-qualification questionnaire (PQQ).
Minimum level(s) of standards possibly required:
Please refer to the PQQ.
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: no
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
Restricted
IV.1.2)Limitations on the number of operators who will be invited to tender or to participate
Envisaged minimum number 3: and maximum number 10
Objective criteria for choosing the limited number of candidates: Please refer to the PQQ for the evaluation methodology that sets out the objective criteria.
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
Time limit for receipt of requests for documents or for accessing documents: 14.3.2014 - 17:00
Payable documents: no
IV.3.4)Time limit for receipt of tenders or requests to participate
14.3.2014 - 17:00
IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates
26.3.2014
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

To express an interest and receive more information about this contract you must register on our etendering system: https://uk.eu-supply.com/lbcamden.asp

If you have not previously registered with us simply click on the New Supplier Link shown on this page and complete/submit the form. You will then receive an email quoting your unique system username and password which will enable you to access all the relevant documentation via the contract opportunities link on this page and also all future advertised contract exercises via this system. Further to item iv 1.2, the number of suppliers invited to tender will depend on the quality of responses received, but will be sufficient to ensure genuine competition. The Contracting Authority is not bound to accept the lowest or any tender and confirm that the issue of the Invitation to Tender or other tender documentation does not constitute any form of instruction. As such, the Contracting Authority accepts no responsibility for any costs in relation to the preparation or submission of tenders (or for the avoidance of doubt, PQQ's). Please note that all prices must be quoted in GBP. The Contracting Authority undertakes to use its best endeavours to hold confidential any information provided in the proposal submitted, subject to the contracting authority's obligations under law, including the Freedom of Information Act 2000. However, this does not give any cast iron guarantees of confidentiality as circumstances (for example an FOIA request or a court order) may arise which require disclosure and are outside the control of the Contracting Authority. The deadline for receipt of expressions of interest shall be deemed to be met upon the receipt of a completed pre-qualification form via the Councils etendering system only. The Contracting Authority is committed to delivering social, economic and environmental benefits to its residents and local businesses. Bidders need to be aware that, should they be shortlisted, they will be asked to propose solutions to deliver the social, economic and environmental benefits specified in the Invitation to Tender and to pay the National or London living Wage to employees including their sub-contractors working on LB Camden contracts in accordance with the criteria set by the Living Wage Foundation. Tenderers should be aware that the Contracting Authority reserves the right to hold interviews during the tender process. These will not be scored and this is set out in the tender documentation. In keeping with the Contracting Authority's commitment to sustainability, please do not include any publicity material with your submission. Please note that TUPE does not apply.
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 Contracting Authority will incorporate a minimum ten calendar day (when using electronic means) standstill period at the point information on the award of the contract is communicated to tenderers. This period allows unsuccessful tenderers to seek further debriefing from the Contracting Authority before the contract is entered into and to start proceedings where such action is necessary. Such additional information should be requested from the person stated in the contact details in section I.1 of this document. If an appeal regarding the award of a contract has not been successfully resolved the Public Contracts Regulations 2006 (SI 2006/5 (as amended)) provide for aggrieved parties who have been harmed or at risk of harm by a breach of the rules to take action in the High Court (England, Wales and Northern Ireland). Any such action must be brought promptly and within the time limits as defined in the above regulations. Where a contract has not been entered into the court may order the setting aside of the award decision or order the Contracting Authority to amend any document and may award damages. If the contract has been entered into the court has the options to award damages and/or to shorten or order the contract ineffective.
VI.4.3)Service from which information about the lodging of appeals may be obtained
VI.5)Date of dispatch of this notice:
11.2.2014