Contract notice
Section I: Contracting
authority
I.1) Name and addresses
Border to Coast Pensions Partnership Limited
10785539
Town Hall and Civic Offices, Westoe Road
South Shields
NE33 2RL
UK
Contact person: Mr David Hayward
Telephone: +44 1914247217
E-mail: David.Hayward@southtyneside.gov.uk
NUTS: UK
Internet address(es)
Main address: http://www.twpf.info/
I.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge at:
https://procontract.due-north.com
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be sent electronically to:
https://procontract.due-north.com
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
Economic and financial affairs
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
Contract for Provision of Asset Servicer, Depositary and Provision of Third Party Administrator Services.
Reference number: DN294696
II.1.2) Main CPV code
66100000
II.1.3) Type of contract
Services
II.1.4) Short description
Border to Coast Pensions Partnership Limited (BCPP) is a company established by 12 Local Government Pension Schemes for the pooling of investment assets. In support of its strategic objectives, BCPP are looking to appoint a service provider who will support core capabilities necessary to achieve its objectives. These core services are as follows:
— Outsourced Dealing;
— Middle Office Services;
— Depositary Services;
— Fund Administration.
— This contract falls within regulation 10(1)(e) of the Public Contracts Regulations 2015 (PCR) and as such falls outside the scope of PCR. This notice is published on a voluntary basis and for information only.
II.1.5) Estimated total value
Value excluding VAT:
65 000 000.00
GBP
II.1.6) Information about lots
This contract is divided into lots:
No
II.2) Description
II.2.3) Place of performance
NUTS code:
UK
Main site or place of performance:
At Service Provider's own premises and at proposed BCPP premises to be located in Leeds, Yorkshire.
II.2.4) Description of the procurement
In support of its strategic objectives of providing an asset pooling vehicle to 12 Local Government Pension Scheme funds, BCPP are looking to appoint a service provider who will support core capabilities necessary to achieve its objectives:
— Outsourced Dealing — Support of the execution of BCPP's investment strategies through provision of an outsourced dealing service to support execution and matching of listed securities including equities, fixed income and collective investments.
— Middle Office Services — Support of the management of core processes and reporting for investment funds/sub funds, including, but not exclusively, in relation to core investment management activity and asset life cycles.
— Depositary Services — Depositary services for investment funds/sub-funds, including but not limited to, oversight of valuations, subscription/redemption processing, transactions, and investment compliance.
— Fund Administration — Support for core administration of investment funds/sub-funds including, but not limited to, fund valuations and reporting and tax services.
Further details in relation to the services are set out in the Invitation to Tender (ITT) which is available via the portal in Section I.3) of this contract notice.
II.2.5) Award criteria
Criteria below:
Quality criterion: As set out in the ITT
/ Weighting: 70
Cost criterion: As set out in the ITT
/ Weighting: 30
II.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 120
This contract is subject to renewal: Yes
Description of renewals:
Duration given in II.2.7) is the maximum duration and the initial period is 60 months. Extensions of up to 60 months will be permitted under the contract at the request of the buyer.
II.2.9) Information about the limits on the number of candidates to be invited
Envisaged number of candidates: 6
Objective criteria for choosing the limited number of candidates:
It is proposed that all organisations or group of organisations demonstrating capability in accordance with the selection questionnaire will be invited to tender for this contract opportunity.
BCPP are only aware of a limited number of providers in the market but would not seek to limit the number of candidates that it will invite to tender who are able to demonstrate capability in accordance with the selection questionnaire.
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
Section III: Legal, economic, financial and technical information
III.1) Conditions for participation
III.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
List and brief description of conditions:
As set out in the procurement documents and in accordance with the requirements of the Financial Conduct Authority.
III.1.2) Economic and financial standing
Selection criteria as stated in the procurement documents
III.1.3) Technical and professional ability
Selection criteria as stated in the procurement documents
III.2) Conditions related to the contract
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Competitive dialogue
IV.1.4) Information about reduction of the number of solutions or tenders during negotiation or dialogue
Recourse to staged procedure to gradually reduce the number of solutions to be discussed or tenders to be negotiated
IV.1.8) Information about 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:
25/09/2017
Local time: 12:00
IV.2.3) Estimated date of dispatch of invitations to tender or to participate to selected candidates
Date:
27/09/2017
IV.2.4) Languages in which tenders or requests to participate may be submitted
EN
IV.2.6) Minimum time frame during which the tenderer must maintain the tender
Duration in months: 4 (from the date stated for receipt of tender)
Section VI: Complementary information
VI.1) Information about recurrence
This is a recurrent procurement:
Yes
Estimated timing for further notices to be published:
The initial contract will be for 5 years with the potential for extensions of up to a further 5 years. The requirement will ongoing and thereafter a further tender process is envisaged.
VI.3) Additional information
BCPP will become an Financial Conduct Authority authorised alternative investment fund manager (AIFM). It is a private limited company owned by the administering authorities of the following Local Government Pension Schemes: Bedfordshire Pension Fund, Cumbria Pension Fund, Durham Pension Fund, East Riding Pension Fund, Lincolnshire Pension Fund, North Yorkshire Pension Fund, Northumberland Pension Fund, South Yorkshire Pension Fund, Surrey Pension Fund, Teesside Pension Fund, Tyne and Wear Pension Fund and Warwickshire Pension Fund. Further details are provided in the Invitation to Tender (ITT) available via the portal in Section I.3) of this contract notice.
All organisations or groups of organisations who are interested in this contract opportunity are required to complete and return a selection questionnaire to BCPP (available via the details included in this contract notice at Section I.3) by the deadline in Section IV.2.2) in order to express an interest.
The contract value has been stated in Section II.1.5) of this contract notice is an estimate but there may be significant variance from that figure arising from the staged set up of the Pension Pool and the rate at which assets are introduced to it. It also assumes that all contract extensions referred to in Section II.2.7) of this contract notice are taken up.
This contract falls within regulation 10(1)(e) of PCR and as such falls outside the scope of PCR. This notice is published for information only and on a voluntary basis. BCPP intends to run a competitive process in order to award the services contract(s) which are the subject of this contract notice — BCPP has indicated a ‘competitive dialogue’ procedure in Section IV.1.1) and aspects of BCPP's process may reflect the competitive dialogue procedure under PCR but BCPP does not bind itself to conduct the tender process in accordance with the competitive dialogue procedure nor abide by any other part of PCR.
BCPP reserves the right to cancel the tender process at any stage for any reason; and/or to amend the terms and conditions of the tender process. BCPP reserves the right to withdraw from the tendering process at any stage or to vary the scope of the services required and BCPP shall not be liable to any organisation as a result of this action. All organisations are solely responsible for their costs and expenses incurred in connection with expressing an interest, in connection with the preparation and submission of a tender and/or participating in the tender process.
The successful service providers) will enter into 1 or more contracts to provide the services, in accordance with the provisions set out in the ITT.
VI.4) Procedures for review
VI.4.1) Review body
Border to Coast Pensions Partnership Joint Committee
South Yorkshire Joint Authority, Admin 18 Regent Street
Barnsley
S70 2HG
UK
Telephone: +44 1226772806
E-mail: GRichards@syjs.gov.uk
Internet address(es)
URL: http://www.southyorks.gov.uk/syjshome/whatwedo.aspx
VI.5) Date of dispatch of this notice
24/08/2017