Services - 505498-2021

Unrevised Machine Translation

06/10/2021    S194

Luxembourg-Luxembourg: Portfolio management services

2021/S 194-505498

Contract notice

Services

Legal Basis:
Directive 2014/24/EU

Section I: Contracting authority

I.1)Name and addresses
Official name: Fonds de compensation commun au régime général de pension
Postal address: 34-40, avenue de la Porte-Neuve
Town: Luxembourg
NUTS code: LU Luxembourg
Postal code: 2227
Country: Luxembourg
Contact person: Fonds de compensation
E-mail: fondsdecompensation@fdc.lu
Telephone: +352 26203483
Fax: +352 462566
Internet address(es):
Main address: https://fdc.public.lu/fr.html
I.3)Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at: https://pmp.b2g.etat.lu/?page=entreprise.EntrepriseDetailsConsultation&id=522893&orgAcronyme=t5y
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be submitted electronically via: https://pmp.b2g.etat.lu/?page=entreprise.EntrepriseDetailsConsultation&id=522893&orgAcronyme=t5y
Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at: https://pmp.b2g.etat.lu/?page=entreprise.EntrepriseDetailsConsultation&id=522893&orgAcronyme=t5y
I.4)Type of the contracting authority
Body governed by public law
I.5)Main activity
Social protection

Section II: Object

II.1)Scope of the procurement
II.1.1)Title:

Assignment of portfolio management mandates

Reference number: 2101838
II.1.2)Main CPV code
66140000 Portfolio management services
II.1.3)Type of contract
Services
II.1.4)Short description:

The subject of the contract is the provision of portfolio management services on behalf of the Common Clearing Fund to the General Pension Scheme (FDC), which created a multi-compartment variable equity investment company — Specialised Investment Fund (SICAV-FIS) for this purpose in 2007. The contract is divided into 4 lots, each lot covering a specific management type and asset class. The total number of mandates to be allocated is 6. The amount of assets in the various lots is given only as an indication and may vary during the execution of mandates lasting 3 years, with the possibility of renewal from year to year. The maximum duration of a term of office shall be 10 years. Tenders shall be selected on the basis of the criterion of the most economically advantageous tender. The detailed criteria for the selection of tenders, the conduct of the contract and any other arrangements relating to this contract shall be specified in the consultation rules.

II.1.5)Estimated total value
Value excluding VAT: 4 800 000 000.00 EUR
II.1.6)Information about lots
This contract is divided into lots: yes
Tenders may be submitted for maximum number of lots: 4
Maximum number of lots that may be awarded to one tenderer: 3
II.2)Description
II.2.1)Title:

Global bonds (covered), sustainable approach

Lot No: 1
II.2.2)Additional CPV code(s)
66140000 Portfolio management services
II.2.3)Place of performance
NUTS code: LU Luxembourg
II.2.4)Description of the procurement:

Lot 1 concerns the active management of portfolios of bonds investing in bonds forming part of the benchmark associated with the relevant mandates with the objective of overperforming the latter’s performance. The benchmark chosen is the Bloomberg Barclays Global Aggregate — Ex securitised Total Return Index (covered in EUR). In addition to the objective of over-performance, the tendering company must include sustainable or socially responsible investment principles in its proposed investment strategy and decision-making processes applied in the management of mandates. The type, scope and scope of these principles to be included are not predefined and the sustainable or socially responsible investment approach to be pursued can therefore be implemented in different forms (positive screening (best-in-class selection, thematic investments, climate investments, etc.), negative screening (thematic exclusions, climate exclusion, etc.), engagement approach, etc.). In this context, it is possible to submit either with an explicit sustainable or socially responsible investment strategy or with an investment strategy which must be adapted to include sustainable or socially responsible investment principles in order to meet the sustainable or socially responsible investment criterion associated with mandates. In all circumstances, the proposed sustainable investment strategy should be classified as ‘Article 8’ or ‘Article 9’, as defined in Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR). Indicative amount of mandates: Two terms of office of EUR 850 million each.

II.2.5)Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated value
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 36
This contract is subject to renewal: yes
Description of renewals:

The term of office is set at 3 years, with the possibility of renewal from year to year. The maximum duration of a term of office shall be 10 years.

II.2.10)Information about variants
Variants will be accepted: no
II.2.11)Information about options
Options: no
II.2.13)Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information
II.2)Description
II.2.1)Title:

Global actions, sustainable approach

Lot No: 2
II.2.2)Additional CPV code(s)
66140000 Portfolio management services
II.2.3)Place of performance
NUTS code: LU Luxembourg
II.2.4)Description of the procurement:

Lot 2 concerns the active management of portfolios of shares investing in equities forming part of the benchmark associated with the corresponding mandates with the objective of overperforming the latter’s performance. The benchmark chosen is the MSCI World Total Return (net). In addition to the objective of over-performance, the tendering company must include sustainable or socially responsible investment principles in its proposed investment strategy and decision-making processes applied in the management of mandates. The type, scope and scope of these principles to be included are not predefined and the sustainable or socially responsible investment approach to be pursued can therefore be implemented in different forms (positive screening (best-in-class selection, thematic investments, climate investments, etc.), negative screening (thematic exclusions, climate exclusion, etc.), engagement approach, etc.). In this context, it is possible to submit either with an explicit sustainable or socially responsible investment strategy or with an investment strategy which must be adapted to include sustainable or socially responsible investment principles in order to meet the sustainable or socially responsible investment criterion associated with mandates. In all circumstances, the proposed sustainable investment strategy should be classified as ‘Article 8’ or ‘Article 9’, as defined in Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR). The number of mandates is two (2) with an indicative amount of EUR 1000 million each.

II.2.5)Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated value
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 36
This contract is subject to renewal: yes
Description of renewals:

The term of office is set at 3 years, with the possibility of renewal from year to year. The maximum duration of a term of office shall be 10 years.

II.2.10)Information about variants
Variants will be accepted: no
II.2.11)Information about options
Options: no
II.2.13)Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information
II.2)Description
II.2.1)Title:

Emerging market actions, sustainable approach

Lot No: 3
II.2.2)Additional CPV code(s)
66140000 Portfolio management services
II.2.3)Place of performance
NUTS code: LU Luxembourg
II.2.4)Description of the procurement:

Lot 3 concerns the active management of a portfolio of shares investing in shares forming part of the benchmark associated with the relevant mandate with the objective of overperforming the latter’s performance. The benchmark chosen is the MSCI Emerging Markets Total Return (net). In addition to the objective of over-performance, the tendering company must include sustainable or socially responsible investment principles in its proposed investment strategy and decision-making processes applied in the management of mandates. The type, scope and scope of these principles to be included are not predefined and the sustainable or socially responsible investment approach to be pursued can therefore be implemented in different forms (positive screening (best-in-class selection, thematic investments, climate investments, etc.), negative screening (thematic exclusions, climate exclusion, etc.), engagement approach, etc.). In this context, it is possible to submit either with an explicit sustainable or socially responsible investment strategy or with an investment strategy which must be adapted to include sustainable or socially responsible investment principles in order to meet the sustainable or socially responsible investment criterion associated with mandates. In all circumstances, the proposed sustainable investment strategy should be classified as ‘Article 8’ or ‘Article 9’, as defined in Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR). The number of mandates is one (1) with an indicative amount of EUR 600 million.

II.2.5)Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated value
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 36
This contract is subject to renewal: yes
Description of renewals:

The term of office is set at 3 years, with the possibility of renewal from year to year. The maximum duration of a term of office shall be 10 years.

II.2.10)Information about variants
Variants will be accepted: no
II.2.11)Information about options
Options: no
II.2.13)Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information
II.2)Description
II.2.1)Title:

World actions, aligned 2 °C

Lot No: 4
II.2.2)Additional CPV code(s)
66140000 Portfolio management services
II.2.3)Place of performance
NUTS code: LU Luxembourg
II.2.4)Description of the procurement:

Lot 4 concerns the indexed management of a portfolio of shares investing in shares forming part of the benchmark associated with the relevant mandate with the objective of replicating its performance. The benchmark chosen is the MSCI World Total Return (net). In addition to the replication objective, the investment strategy offered by the tendering company must make it possible to align the mandate with the Paris Agreement’s objective of limiting global warming to below 2 °C. the proposed investment strategy should therefore be classified as ‘Article 8’ or ‘Article 9’, as defined in Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (SFDR Regulation). The number of mandates is one (1) with an indicative amount of EUR 500 million.

II.2.5)Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated value
II.2.7)Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 36
This contract is subject to renewal: yes
Description of renewals:

The term of office is set at 3 years, with the possibility of renewal from year to year. The maximum duration of a term of office shall be 10 years.

II.2.10)Information about variants
Variants will be accepted: no
II.2.11)Information about options
Options: no
II.2.13)Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds: no
II.2.14)Additional information

Section IV: Procedure

IV.1)Description
IV.1.1)Type of procedure
Open procedure
IV.1.3)Information about a framework agreement or a dynamic purchasing system
IV.1.8)Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: no
IV.2)Administrative information
IV.2.2)Time limit for receipt of tenders or requests to participate
Date: 30/11/2021
Local time: 16:00
IV.2.3)Estimated date of dispatch of invitations to tender or to participate to selected candidates
IV.2.4)Languages in which tenders or requests to participate may be submitted:
English, French, German
IV.2.6)Minimum time frame during which the tenderer must maintain the tender
Duration in months: 5 (from the date stated for receipt of tender)
IV.2.7)Conditions for opening of tenders
Date: 30/11/2021
Local time: 16:00

Section VI: Complementary information

VI.1)Information about recurrence
This is a recurrent procurement: no
VI.3)Additional information:

The conditions for participating in this consultation are set out in point 2.8 of the Consultation Regulation. The consultation documents are made available for download on the Public Procurement Portal with the exception of the Questionnaire (Annex 1) and the Management Contract (Annex 6). For reasons of confidentiality of the information made available through these two documents, the latter must be requested separately by any company interested in the FDC via the Public Procurement Portal, using the ‘Question’ tab and attaching the completed template for requesting documents (Annex 8) attached to the downloadable consultation documents. The detailed arrangements for the withdrawal of consultation documents are set out in the Consultation Regulation. Tenders must be submitted electronically via the Public Procurement Portal before the closing date and time indicated in the Consultation Regulation, i.e. on 30 November 2021 at 16.00 a.m. (TEC). Tenders arriving at the FDC after the closing date and time will be inadmissible. The detailed arrangements for the submission of tenders are set out in the Consultation Regulation.

VI.4)Procedures for review
VI.4.1)Review body
Official name: Juridictions administratives
Town: Luxembourg
Country: Luxembourg
VI.5)Date of dispatch of this notice:
01/10/2021