Contract award notice
Results of the procurement procedure
Section I: Contracting
authority
I.1) Name and addresses
University of Bristol
4th Floor, Augustine's Courtyard, Orchard Lane
Bristol
BS1 5DS
UK
Telephone: +44 1173940653
E-mail: martyn.dean@bristol.ac.uk
NUTS: UKK11
Internet address(es)
Main address: www.bristol.ac.uk
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
Education
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
Fiduciary Management Services for UoB Pension and Assurance Scheme
Reference number: Fin-0117-001-PC_424
II.1.2) Main CPV code
66141000
II.1.3) Type of contract
Services
II.1.4) Short description
The Trustees of the University of Bristol Pension and Assurance Scheme have decided to appoint a provider to manage the assets of the Scheme on a fiduciary basis.
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
10 000 000.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
66130000
66131100
66522000
66523000
II.2.3) Place of performance
NUTS code:
UKK11
Main site or place of performance:
Bristol
II.2.4) Description of the procurement
The Trustees of the University of Bristol Pension and Assurance Scheme decided to appoint a provider to manage the assets of the Scheme on a fiduciary basis.
The University of Bristol was instructed by the Trustees of the Scheme to run a tender process with the intention of identifying and awarding a contract to the most economically advantageous tender. The decision to award a contract to the highest scoring bidder was made by the Scheme’s Trustees.
The scheme has assets of approximately 300 000 000 GBP. The appointed organisation will provide a full fiduciary management service to the Trustees of the University of Bristol Pension and Assurance Scheme (UBPAS), together with the necessary support in respect of the delivery of the administration of the scheme.
The appointed organisation will decide on, oversee, execute or advise on the some or all of the following:
Strategic Asset Allocation,
Tactical Asset Allocation,
Hedging Strategy Implementation,
Manager selection,
Asset class selection,
Portfolio Construction,
Managing scheme liquidity,
Fund reporting,
Trustee Education,
Portfolio Implementation,
Strategic Objectives,
Risk Budget,
Constraints,
Hedging Strategy Design.
II.2.5) Award criteria
Quality criterion: Price
/ Weighting: 20 %
Quality criterion: Quality (see additional information for full breakdown)
/ Weighting: 80 %
Price
/ Weighting:
20 %
II.2.11) Information about options
Options:
Yes
Description of options:
The initial contract period will be for 5 years with an option to extend for a maximum of a further 3 years.
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
Competitive procedure with negotiation
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
Yes
IV.2) Administrative information
IV.2.1) Previous publication concerning this procedure
Notice number in the OJ S:
2017/S 057-105942
Section V: Award of contract
Contract No: Fin-0117-001-PC_424
Title: Fiduciary Management Services for UoB Pension and Assurance Scheme
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
14/05/2018
V.2.2) Information about tenders
Number of tenders received: 4
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
Mercer Limited
1 Tower Place West
London
EC3R 5BU
UK
NUTS: UKI
The contractor is an SME:
No
V.2.4) Information on value of the contract/lot (excluding VAT)
Total value of the contract/lot:
: 10 000 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
The Quality criterion referred to in Section II.2.5 was allocated as follows:
Proposed team and resources 5 %
Cashflow analysis / creation LDI Benchmark and Liability Benchmark portfolio 5 %
Strategic Advice — how advice is provided considering liabilities/required return/funded status 5 %
Proposed advice to achieve full funding on Gilts+0.5 % in 2030 35 %
Return drivers and contribution to achieving objectives 5 %
Asset allocation mgmt including trigger handling 5 %
Fund Manager Selection 5 %
Operational Infrastructure plus no clients/value of FM assets 5 %
Org chart/Governance/policies/procedures Inc ESG approach 5 %
Tools and Systems used re portfolio management and trading 2.50 %
Plan for first 6 months 7,50 %
Main 3 conflicts of interest 2,50 %
Quarterly reporting + other reporting including risk management 5 %
Exit charges 2.50 %
Commercial Terms 5 %
The contract value is based on tendered fee rates based on the estimated fund value and includes underlying Manager Fees and Fiduciary Management Fees for the initial period of 5 years.
VI.4) Procedures for review
VI.4.1) Review body
Royal Courts of Justice
Strand
London
UK
VI.4.3) Review procedure
Precise information on deadline(s) for review procedures:
Bidders have the right to appeal as set out in the Public Contracts Regulations 2015. Proceedings under the Public Contracts Regulations 2015 are time limited and any such proceedings must be brought in the High Court of England and Wales.
VI.5) Date of dispatch of this notice
26/06/2018