Section II: Object
II.1)Scope of the procurement
II.1.1)Title:
Awarding of portfolio management mandates
Reference number: 2300185
II.1.2)Main CPV code66140000 Portfolio management services
II.1.3)Type of contractServices
II.1.4)Short description:
The purpose of this tender is the provision of portfolio management services on behalf of Fonds de compensation commun au régime général de pension (FDC), which set up an umbrella investment company with variable capital - specialised investment fund in 2007. The tender is divided into 5 lots, each lot covering a specific asset class and type of management. The total number of mandates to be awarded is 5, one per lot. The amount of assets of the different mandates is indicative only and may vary during the execution of the mandates. The term of a mandate shall be 3 consecutive years with the possibility of renewal from year to year. The maximum duration of a mandate shall be 10 years. Proposals will be selected on the basis of the economically most advantageous proposal. The detailed selection and evaluation criteria of proposals, the main stages of this tender as well as any other terms and conditions are specified in the Tendering Procedure and Guidelines.
II.1.5)Estimated total valueValue excluding VAT: 2 000 000 000.00 EUR
II.1.6)Information about lotsThis contract is divided into lots: yes
Tenders may be submitted for all lots
Maximum number of lots that may be awarded to one tenderer: 3
II.2)Description
II.2.1)Title:
Emerging Market Bonds, Sustainable Approach, Active
Lot No: 1
II.2.2)Additional CPV code(s)66140000 Portfolio management services
II.2.3)Place of performanceNUTS code: LU Luxembourg
II.2.4)Description of the procurement:
Lot 1 concerns the active management of a portfolio of emerging markets bonds investing only in bonds that are part of the benchmark linked to the mandate with the objective of outperforming the latter. The benchmark is the J.P. Morgan GBI - EM Global Diversified Composite Unhedged USD index. In addition to the objective of outperformance, the tendering company must include sustainability and climate criteria/research in its investment strategy offered and decision-making processes applied in the context of the management of the mandate. The type, scale and impact of this sustainable approach/research on the portfolio are not predefined by FDC and can therefore take various forms (positive screening approach (best-in-class, thematic investments, climate aware, etc.), negative screening approach (thematic or climate related exclusions, etc.), engagement approach, etc.). In this context, it is possible to tender with an explicit sustainable investment strategy or with an investment strategy that will consequently be adapted for the mandate by adding a sustainable approach/sustainable research to fulfil the sustainable criteria associated with the mandate. In the light of the above, the proposed sustainable investment strategy must be classified as Article 8 or Article 9 product as defined by 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 regulation (SFDR regulation). The indicative amount of assets of the mandate is EUR 250 million.
II.2.5)Award criteriaPrice is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated valueValue excluding VAT: 250 000 000.00 EUR
II.2.7)Duration of the contract, framework agreement or dynamic purchasing systemDuration in months: 36
This contract is subject to renewal: yes
Description of renewals:
The term of a mandate shall be three (3) consecutive years with the possibility of renewal from year to year except in the event of early termination by FDC or the awarded tenderer by means of a three months’ notice. The maximum duration of a mandate shall be ten (10) years.
II.2.10)Information about variantsVariants will be accepted: no
II.2.11)Information about optionsOptions: no
II.2.13)Information about European Union fundsThe 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 Bonds, Indexed
Lot No: 2
II.2.2)Additional CPV code(s)66140000 Portfolio management services
II.2.3)Place of performanceNUTS code: LU Luxembourg
II.2.4)Description of the procurement:
Lot 2 concerns the indexed management of a portfolio of emerging markets bonds investing only in bonds that are part of the benchmark linked to the mandate with the objective of replicating the performance of the latter. The benchmark is the J.P. Morgan GBI - EM Global Diversified Composite Unhedged USD index. The indicative amount of assets of the mandate is EUR 250 million.
II.2.5)Award criteriaPrice is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated valueValue excluding VAT: 250 000 000.00 EUR
II.2.7)Duration of the contract, framework agreement or dynamic purchasing systemDuration in months: 36
This contract is subject to renewal: yes
Description of renewals:
The term of a mandate shall be three (3) consecutive years with the possibility of renewal from year to year except in the event of early termination by FDC or the awarded tenderer by means of a three months’ notice. The maximum duration of a mandate shall be ten (10) years.
II.2.10)Information about variantsVariants will be accepted: no
II.2.11)Information about optionsOptions: no
II.2.13)Information about European Union fundsThe 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 Equities Small Cap, Sustainable Approach, Active
Lot No: 3
II.2.2)Additional CPV code(s)66140000 Portfolio management services
II.2.3)Place of performanceNUTS code: LU Luxembourg
II.2.4)Description of the procurement:
Lot 3 concerns the active management of a portfolio of small cap equities investing only in equities that are part of the benchmark linked to the mandate with the objective of outperforming the latter. The benchmark is the MSCI World Small Cap Net Total Return USD index. In addition to the objective of outperformance, the tendering company must include sustainability and climate criteria/research in its investment strategy offered and decision-making processes applied in the context of the management of the mandate. The type, scale and impact of this sustainable approach/research on the portfolio are not predefined by FDC and can therefore take various forms (positive screening approach (best-in-class, thematic investments, climate aware, etc.), negative screening approach (thematic or climate related exclusions, etc.), engagement approach, etc.). In this context, it is possible to tender with an explicit sustainable investment strategy or with an investment strategy that will consequently be adapted for the mandate by adding a sustainable approach/sustainable research to fulfil the sustainable criteria associated with the mandate. In the light of the above, the proposed sustainable investment strategy must be classified as Article 8 or Article 9 product as defined by 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 regulation (SFDR regulation). The indicative amount of assets of the mandate is EUR 500 million.
II.2.5)Award criteriaPrice is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated valueValue excluding VAT: 500 000 000.00 EUR
II.2.7)Duration of the contract, framework agreement or dynamic purchasing systemDuration in months: 36
This contract is subject to renewal: yes
Description of renewals:
The term of a mandate shall be three (3) consecutive years with the possibility of renewal from year to year except in the event of early termination by FDC or the awarded tenderer by means of a three months’ notice. The maximum duration of a mandate shall be ten (10) years.
II.2.10)Information about variantsVariants will be accepted: no
II.2.11)Information about optionsOptions: no
II.2.13)Information about European Union fundsThe 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 Equities Small Cap, Indexed
Lot No: 4
II.2.2)Additional CPV code(s)66140000 Portfolio management services
II.2.3)Place of performanceNUTS code: LU Luxembourg
II.2.4)Description of the procurement:
Lot 4 concerns the indexed management of a portfolio of small cap equities investing only in equities that are part of the benchmark linked to the mandate with the objective of replicating the performance of the latter. The benchmark is the MSCI World Small Cap Net Total Return USD index. The indicative amount of assets of the mandate is EUR 500 million.
II.2.5)Award criteriaPrice is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated valueValue excluding VAT: 500 000 000.00 EUR
II.2.7)Duration of the contract, framework agreement or dynamic purchasing systemDuration in months: 36
This contract is subject to renewal: yes
Description of renewals:
The term of a mandate shall be three (3) consecutive years with the possibility of renewal from year to year except in the event of early termination by FDC or the awarded tenderer by means of a three months’ notice. The maximum duration of a mandate shall be ten (10) years.
II.2.10)Information about variantsVariants will be accepted: no
II.2.11)Information about optionsOptions: no
II.2.13)Information about European Union fundsThe 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 Bonds, Paris Aligned (hedged), Indexed
Lot No: 5
II.2.2)Additional CPV code(s)66140000 Portfolio management services
II.2.3)Place of performanceNUTS code: LU Luxembourg
II.2.4)Description of the procurement:
Lot 5 concerns the indexed management of portfolio of a global bonds investing only in bonds that are part of the benchmark linked to the mandate with the objective of replicating the performance of the latter. The benchmark is the Bloomberg Global Aggregate Excluding Securitized Total Return Hedged EUR index. In addition to the objective of replicating the performance, the tendering company must submit a proposal that allows the mandate to be aligned with the Paris Agreement objective of limiting global warming to well below 2°C, preferably 1.5°C. This being said, the proposed sustainable investment strategy must be classified as Article 8 or Article 9 product as defined by 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 regulation (SFDR regulation). The indicative amount of assets of the mandate is EUR 500 million.
II.2.5)Award criteriaPrice is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)Estimated valueValue excluding VAT: 500 000 000.00 EUR
II.2.7)Duration of the contract, framework agreement or dynamic purchasing systemDuration in months: 36
This contract is subject to renewal: yes
Description of renewals:
The term of a mandate shall be three (3) consecutive years with the possibility of renewal from year to year except in the event of early termination by FDC or the awarded tenderer by means of a three months’ notice. The maximum duration of a mandate shall be ten (10) years.
II.2.10)Information about variantsVariants will be accepted: no
II.2.11)Information about optionsOptions: no
II.2.13)Information about European Union fundsThe 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 procedureOpen 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 participateDate: 31/03/2023
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 tenderDuration in months: 5 (from the date stated for receipt of tender)
IV.2.7)Conditions for opening of tendersDate: 31/03/2023
Local time: 16:00