Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
Pension Protection Fund
Renaissance, 12 Dingwall Road
Croydon
CR0 2NA
UK
Telephone: +44 8456002541
E-mail: commercialservices@ppf.co.uk
NUTS: UKI62
Internet address(es)
Main address: https://ppf.bravosolution.co.uk/
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
Custody and Investment Operations Outsourcing Services
II.1.2) Main CPV code
66162000
II.1.3) Type of contract
Services
II.1.4) Short description
Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting and transfer agency services (unitisation). We may also appoint a second/reserve Custodian to manage some of the PPF’s assets, the exact amount is to be confirmed.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
53 000 000.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
66151000
66172000
II.2.3) Place of performance
NUTS code:
UKI62
II.2.4) Description of the procurement
Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting
and transfer agency services (unitisation).
We may also look to appoint a second/reserve Custodian to manage some of the PPF’s assets, the
exact amount is to be confirmed.
The stated value is a current estimate. Our estimated range is between £9m to £53m as we
are aware that the actual value could vary significantly according to a number of potential
factors over the life of the contract.
II.2.5) Award criteria
Quality criterion: Custody Service Delivery & Support
/ Weighting: 20%
Quality criterion: Custody – Connectivity with PPF Systems and PPF third parties
/ Weighting: 10%
Quality criterion: Custody Performance Regime
/ Weighting: 10%
Quality criterion: IOO Service Delivery
/ Weighting: 15%
Quality criterion: IOO Performance Regime
/ Weighting: 10%
Quality criterion: Project mobilisation, implementation and timing
/ Weighting: 10%
Quality criterion: Carbon Reduction Plan and ESG
/ Weighting: 5%
Quality criterion: Price
/ Weighting: 10%
Quality criterion: Price Sensitivity
/ Weighting: 5%
Quality criterion: Contract
/ Weighting: 5%
Price
/ Weighting:
10%
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
Total contract length stated is based on the maximum possible contract term of 10 years. The initial contract term for Custody is 5 years and IOO 3 years. The minimum contract value and maximum contract values are based on the initial contract term and maximum contract term to be spread across the primary and reserve/secondary custodian exact split is unknown at this stage.
Section IV: Procedure
IV.1) Description
IV.1.1) Type of procedure
Competitive procedure with negotiation
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
No
IV.2) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2021/S 000-016277
Section V: Award of contract
Contract No: Primary Custodian
Title: Custody and IOO Services
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
14/12/2021
V.2.2) Information about tenders
Number of tenders received: 3
Number of tenders received by electronic means: 3
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
The Northern Trust Company
BR001960
50 Bank Street
Canary Wharf London
E14 5NT
UK
NUTS: UKI31
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Initial estimated total value of the contract/lot:
Total value of the contract/lot:
: 53 000 000.00
GBP
V.2.5) Information about subcontracting
Section V: Award of contract
Contract No: Reserve/Secondary Custodian
Title: Reserve/Secondary Custodian
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
14/12/2021
V.2.2) Information about tenders
Number of tenders received: 3
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
JPMorgan Chase Bank
BR000746
25 Bank Street
Canary Wharf, London
E14 5JP
UK
NUTS: UKI31
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Initial estimated total value of the contract/lot:
Total value of the contract/lot:
: 53 000 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.4) Procedures for review
VI.4.1) Review body
Pension Protection Fund
Croydon
UK
VI.5) Date of dispatch of this notice
15/12/2021