Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
The Open University
Walton Hall
Milton Keynes
MK7 6BP
UK
Contact person: Buyer — Procurement
E-mail: finance-tenders@open.ac.uk
NUTS: UKJ12
Internet address(es)
Main address: www.open.ac.uk
Address of the buyer profile: https://in-tendhost.co.uk/openuniversity
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
Long Term Funds Management Services/PRO/OJEU/2020
II.1.2) Main CPV code
66120000
II.1.3) Type of contract
Services
II.1.4) Short description
Lot 1 — To procure long term investment fund management services for its 'Fund 1' of GBP 50 million.
Lot 2 — To procure long term investment fund management services for its 'Fund 2' of GBP 40 million — GBP 45 million.
II.1.6) Information about lots
This contract is divided into lots:
Yes
II.1.7) Total value of the procurement
Value excluding VAT:
5 000 000.00
EUR
II.2) Description
Lot No: 1
II.2.1) Title
Lot 1 ' Fund 1'
II.2.2) Additional CPV code(s)
66120000
II.2.3) Place of performance
NUTS code:
UKJ12
II.2.4) Description of the procurement
The Open University (OU) is proposing to set up a long term investment fund of £50m 'Fund 1' (Lot 1).
The University is seeking bids from experienced organisations that can set up and manage the Fund.
The style of Fund 1 will complement the University’s existing long-term investment portfolio and will fall under one or more of the following styles: Index, ESG, Thematic, and Value.
The appointed organisation would be expected to have a proven track record of running investment funds and achieving strong returns in a variety of market conditions.
The University will require an understanding of any proposed use of derivatives to achieve returns, mitigate risk and of any derived embedded counterparty risks that may arise.
The appointed organisation would be expected to demonstrate that they have a clear ESG strategy, which shows commitment to embedding ESG in the investment management process and is consistent with the University’s Responsible Investment Framework.
II.2.5) Award criteria
Quality criterion: Criteria set out in the tender
/ Weighting: 80
Cost criterion: Criteria set out in the tender
/ Weighting: 20
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
Lot No: 2
II.2.1) Title
Lot 2 'Fund 2'
II.2.2) Additional CPV code(s)
66120000
II.2.3) Place of performance
NUTS code:
UKJ12
II.2.4) Description of the procurement
The Open University (OU) is proposing re-tender its ‘wealth preservation’ fund which aims to achieve a minimum target total return with minimal volatility.
This concerns the investment of GBP 40 million — GBP 45 million ‘Fund 2’, referred to as Lot 2.
The University is seeking bids from experienced organisations that can set up and manage the Fund.
The appointed organisation would be expected to have a proven track record of running investment funds and achieving strong returns in a variety of market conditions.
The University will require an understanding of any proposed use of derivatives to achieve returns, mitigate risk and of any derived embedded counterparty risks that may arise.
II.2.5) Award criteria
Quality criterion: Criteria set out in the tender documents
/ Weighting: 80
Cost criterion: Criteria set out in the tender documents
/ Weighting: 20
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
Restricted procedure
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:
2020/S 128-314897
Section V: Award of contract
Lot No: 1
Contract No: OUPA10599
Title: Tender for Long Term Funds Management Lot 1 ' Fund 1'
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
04/03/2021
V.2.2) Information about tenders
Number of tenders received: 6
Number of tenders received from SMEs: 0
Number of tenders received from tenderers from EU Member States: 0
Number of tenders received from tenderers from non-EU Member States: 0
Number of tenders received by electronic means: 6
The contract has been awarded to a group of economic operators:
No
V.2.3) Name and address of the contractor
Newton Investment Management Ltd
01371973
BNY Mellon Centre, 160 Queen Victoria Street
London
EC4V 4LA
UK
NUTS: UKI
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:
: 2 000 000.00
GBP
V.2.5) Information about subcontracting
Section V: Award of contract
Lot No: 2
Contract No: OUPA10599
Title: Lot 2 'Fund 2'
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
04/03/2021
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
Troy Asset Management Ltd
03930846
33 Davies Street
London
W1K 4BP
UK
NUTS: UKI
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:
: 2 500 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.3) Additional information
Initial contract period of 5 years + 5 years extension period.
VI.4) Procedures for review
VI.4.1) Review body
The Open University
Walton Hall
Milton Keynes
MK7 6AA
UK
VI.4.2) Body responsible for mediation procedures
The Open University
Walton Hall
Milton Keynes
MK7 6AA
UK
VI.4.4) Service from which information about the review procedure may be obtained
The Open University
Walton Hall
Milton Keynes
MK7 6AA
UK
VI.5) Date of dispatch of this notice
08/03/2021