Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
LOCAL PENSIONS PARTNERSHIP INVESTMENTS LTD
09835244
1 Finsbury Avenue
London
EC2M 2PF
UK
Contact person: Chief Legal and Compliance Officer
E-mail: Daniel.Evans@lppi.co.uk
NUTS: UKI31
Internet address(es)
Main address: https://www.localpensionspartnership.org.uk/
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
Other: Provision of discretionary investment management services to LGPS clients including pooling solutions
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
Investment Risk System and Climate Risk Data Services
II.1.2) Main CPV code
48411000
II.1.3) Type of contract
Supplies
II.1.4) Short description
Local Pensions Partnership Investments ("LPPI") requires an Investment Risk System to develop best practice internally and externally with regards to reporting and decision support and the provision of relevant security/asset climate change data and tools to assist LPPI to comply with the IIGCC Asset Manager Net Zero Framework and the Task Force on Climate-related Financial Disclosures (TCFD).
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
765 000.00
GBP
II.2) Description
II.2.3) Place of performance
NUTS code:
UK
II.2.4) Description of the procurement
LPPI requires an Investment Risk System to develop best practice internally and externally with regards to reporting and decision support and the provision of relevant security/asset climate change data and tools to assist LPPI to comply with the IIGCC Asset Manager Net Zero Framework and the Task Force on Climate-related Financial Disclosures (TCFD).
The contract has been awarded to MSCI under regulation 32(2)(b)(ii) of the Public Contracts Regulations 2015 because competition is absent for technical reasons. LPPI considers MSCI to be the only provider that is able to meet all of LPPI's minimum requirements, which include but are not limited to an Investment Risk System that:
1. provides coverage for all of LPPI's asset classes, including private assets (without simply proxying to public market instruments) and compatibility with Barra's Real Estate Portal;
2. has a liquidity model, that can provide liquidity ladders and also is compliant with ESM Liquidity Stress Testing requirements;
3. provides AIFMD reporting as a managed service, driven by the positions loaded into the Risk system;
4. provides exposure reporting for all asset classes;
5. has the ability to add an unlimited amount of user data and categorisations to positions;
6. has the ability to create user defined, calculated metrics for reporting purposes;
7. has all three types of VaR model (Parametric, Historical and Monte-Carlo) and can incorporate fat tails into the VaR methodology;
8. provides stress testing of:
a. historical scenarios
b. hypothetical scenarios (correlated and uncorrelated)
9. subject to licencing, has the ability to load all of LPPI's fund risk and performance benchmarks; and
10. can represent the LPPI fund view as well as the client view including their balance sheet assets; and
11. can support climate change data and tools that effectively work alongside risk management data and tools.
II.2.5) Award criteria
Quality criterion: .
/ Weighting: .
Price
/ Weighting:
.
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 IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Award of a contract without prior publication of a call for competition
Justification for selected award procedure:
The procurement falls outside the scope of application of the Directive
Explanation
Award of a contract without prior publication of a call for competition in the cases listed below
• Where the services can be supplied only by a particular economic operator because competition is absent for technical reasons
Explanation:
The contract has been awarded to MSCI under regulation 32(2)(b)(ii) of the Public Contracts Regulations 2015 because competition is absent for technical reasons. LPPI considers MSCI to be the only provider that is able to meet all of LPPI's minimum requirements, which include but are not limited to an Investment Risk System that:
1. provides coverage for all of LPPI's asset classes, including private assets (without simply proxying to public market instruments) and compatibility with Barra's Real Estate Portal;
2. has a liquidity model, that can provide liquidity ladders and also is compliant with ESM Liquidity Stress Testing requirements;
3. provides AIFMD reporting as a managed service, driven by the positions loaded into the Risk system;
4. provides exposure reporting for all asset classes;
5. has the ability to add an unlimited amount of user data and categorisations to positions;
6. has the ability to create user defined, calculated metrics for reporting purposes;
7. has all three types of VaR model (Parametric, Historical and Monte-Carlo) and can incorporate fat tails into the VaR methodology;
8. provides stress testing of:
a. historical scenarios
b. hypothetical scenarios (correlated and uncorrelated)
9. subject to licencing, has the ability to load all of LPPI's fund risk and performance benchmarks;
10. can represent the LPPI fund view as well as the client view including their balance sheet assets; and
11. can support climate change data and tools that effectively work alongside risk management data and tools.
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
Yes
Section V: Award of contract
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
01/06/2022
V.2.2) Information about tenders
Number of tenders received: 1
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
MSCI Inc, MSCI Limited and affiliates
03981254
Ninth Floor, Ten Bishops Square
London
E1 6EG
UK
NUTS: UK
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 765 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.4) Procedures for review
VI.4.1) Review body
The High Court
Strand
London
WC2A 2LL
UK
E-mail: generaloffice@administrativecourtoffice.justice.gov.uk
Internet address(es)
URL: https://www.gov.uk/courts-tribunals
VI.5) Date of dispatch of this notice
23/08/2022