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Finland-Turku: Financial and insurance services
Section I: Contracting authority
Main address: http://www.turku.fi/hankinnat
Section II: Object
Finance the Turku 2029 Foundation
The strategic acquisition of the City of Turku will be asked by the Turku 2029 foundation to bid for the Foundation’s financial management.
The procurement is carried out in 2 parts:
1 Shares and cash, and
2 Alternative investments.
The Turku 2029 Foundation will have a capital of EUR 21 million and the share of the capital to be invested is reflected in Annex 3 of the Invitation to Tender.
A tenderer may offer one or both packages.
One (1) service provider shall be selected for each subsystem.
Shares and cash
Part 1 consists of shares and cash. Equity investments and their design allotment are specified in Annex 3. In principle, an annual rate of return of 5 % (5) per year should be sought for this share position in the current market situation. In addition, the Foundation’s investment plan includes the following: The focus of equity investments shall be on liquid, low priced companies that are low priced, which are assumed to have a good and growing expected long-term dividend return and sustainable dividend payments. In cash, this means funds held in a payment account. The Foundation reserves the right to accept the counterparty to which the payment account may be opened. The minimum interest rate for the accounting investment should be 0 % (0 %), which means that the negative interest rate conditions are not accepted.
The starting point is that the share weight is most of the portfolio in the long term, but the market situation and the tactical view of the Treasurer allow cash to be up to 100 % over time in the portfolio. In the overall management of a portfolio, there is an active measure of the active defence of capital/loss of capital in the allocation decisions.
A unit-linked capitalisation contract within the meaning of Section 18 of the Act on the Financial Agreement or the Insurance Groups shall be concluded with the selected service provider.
The subject of the contract is the financial mandate consisting of a full mandate consisting of alternative investments. The investment mandate is characterised by diversification both at asset class level, in terms of investment strategy as well as at geographical level and from a customer perspective. The alternative investments claim diversification benefits in relation to other asset classes, i.e. shares, long interest rate investments and cash (maximum maturity 12 months). The purpose of the alternative investments is 7 (7)% annual return (after all costs), of which the annual cash-flow objective is 5 (5)%. Alternative investments may consist of illiquid investments as follows: non-liquid interest rate investments (Private Debt), non-liquid equity investments (Private Equity) and illiquid property investments. As a derogation from the beginning of the investment period and up to three (3) years after the start of the mandate, the portfolio of investment solutions may also include liquid instruments to manage liquidity. The assets of an alternative investment portfolio shall be invested primarily in investments not subject to public trade. These include alternative interest investments, real estate investments and capital injections to non-listed companies. As a general rule, the investment settlement of alternative investments shall not allow hedge fund investments, investment in raw materials or other liquid investment products with liquid alternative investments.
The objective of the investment solution is to be exposed to a illiquidity premium. For all investees, the asset manager must be aware of, and take into account, the investment horizon of the foundation, that is to say the assets of the foundation must be in liquid form in 2029 and, as a result, investments of the type ‘Private Equity’ should be due in that time period.
Section III: Legal, economic, financial and technical information
Section IV: Procedure
Section VI: Complementary information
Internet address: http://www.oikeus.fi/markkinaoikeus