Contract notice
Section I: Contracting
authority
I.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade 1st floor
London
E14 4PU
UK
Telephone: +44 2030563678
E-mail: alison.slade@nestcorporation.org.uk
NUTS: UK
Internet address(es)
Main address: https://nesttenders.bravosolution.co.uk
I.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge at:
https://nesttenders.bravosolution.co.uk
Additional information can be obtained from the abovementioned address
Tenders or requests to participate must be sent electronically to:
https://nesttenders.bravosolution.co.uk
Tenders or requests to participate must be sent to the abovementioned address
I.4) Type of the contracting authority
Body governed by public law
I.5) Main activity
General public services
Section II: Object
II.1) Scope of the procurement
II.1.1) Title
https://nesttenders.bravosolution.co.uk/
Reference number: TEN-2324-037
II.1.2) Main CPV code
79000000
II.1.3) Type of contract
Services
II.1.4) Short description
Nest Invest was set up as FCA authorised subsidiary of Nest Corporation in 2020. The FCA designation is that of an Occupational Pension Scheme (OPS) firm. Nest Invest’s regulatory permissions are to advise Nest on its investment strategy and the suitability of its existing and new external fund managers, as well as ensuring Nest’s members’ money is invested in accordance with the investment strategy and Statement of Investment Principles. However, the permissions Nest Invest has would permit the potential to do more in the direct investing space if Nest Corporation required it.
Nest is on a path to becoming one of the largest pensions schemes in the UK. Whilst Nest holds £35bn today, that figure will grow to around £100bn or higher by the end of the decade. Each year Nest receives around £6 billion in new contributions from members. The growth trajectory means that the operating model for Nest Invest will need to evolve over the next ten years.
Nest currently insources strategic asset allocation, portfolio construction, responsible investing, manager selection and manager monitoring. Fund management, the implementation of investment decisions, and fund custody/administration are outsourced. However, as Nest grows the make/buy boundary is likely to change in terms of the investment process. In particular, we may look to insource elements of fund management activity in some asset classes where that is consistent with members’ interests.
We are inviting suppliers to tender to be appointed to a framework agreement to support us as we evolve the operating and business model. We are looking for suppliers with experience of supporting mid-sized asset holders (£30bn and over) transform their operating models through significant growth trajectories. We expect suppliers to have experience of functional operating model design and implementation for asset managers insourcing components of the investment process. Suppliers will also have experience of advising FCA regulated OPS firms.
We are looking for suppliers with practical experience and knowledge of investment operating model design and implementation.
If your company is interested in this opportunity, please register on our E-tendering portal below.
To register on this portal, go to https://nesttenders.bravosolution.co.uk/
Under the "Register or Login" heading, select "Click here to Register". The registration process takes less than 5 minutes. Once you have registered, you will be able to see the opportunity and download the documentation in the attachments area.
If your company is already registered, once you have logged in to your account you will be able to see the opportunity and download this documentation in the attachments area.
II.1.5) Estimated total value
Value excluding VAT:
2 000 000.00
GBP
II.1.6) Information about lots
This contract is divided into lots:
No
II.2) Description
II.2.2) Additional CPV code(s)
79400000
II.2.3) Place of performance
NUTS code:
UK
Main site or place of performance:
UK
II.2.4) Description of the procurement
Nest Invest was set up as FCA authorised subsidiary of Nest Corporation in 2020. The FCA designation is that of an Occupational Pension Scheme (OPS) firm. Nest Invest’s regulatory permissions are to advise Nest on its investment strategy and the suitability of its existing and new external fund managers, as well as ensuring Nest’s members’ money is invested in accordance with the investment strategy and Statement of Investment Principles. However, the permissions Nest Invest has would permit the potential to do more in the direct investing space if Nest Corporation required it.
Nest is on a path to becoming one of the largest pensions schemes in the UK. Whilst Nest holds £35bn today, that figure will grow to around £100bn or higher by the end of the decade. Each year Nest receives around £6 billion in new contributions from members. The growth trajectory means that the operating model for Nest Invest will need to evolve over the next ten years.
Nest currently insources strategic asset allocation, portfolio construction, responsible investing, manager selection and manager monitoring. Fund management, the implementation of investment decisions, and fund custody/administration are outsourced. However, as Nest grows the make/buy boundary is likely to change in terms of the investment process. In particular, we may look to insource elements of fund management activity in some asset classes where that is consistent with members’ interests.
We are inviting suppliers to tender to be appointed to a framework agreement to support us as we evolve the operating and business model. We are looking for suppliers with experience of supporting mid-sized asset holders (£30bn and over) transform their operating models through significant growth trajectories. We expect suppliers to have experience of functional operating model design and implementation for asset managers insourcing components of the investment process. Suppliers will also have experience of advising FCA regulated OPS firms.
We are looking for suppliers with practical experience and knowledge of investment operating model design and implementation.
II.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6) Estimated value
Value excluding VAT:
2 000 000.00
GBP
II.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months: 180
This contract is subject to renewal: No
II.2.9) Information about the limits on the number of candidates to be invited
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.1.2) 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
Restricted procedure
IV.1.3) Information about a framework agreement or a dynamic purchasing system
The procurement involves the establishment of a framework agreement with several operators.
Envisaged maximum number of participants to the framework agreement: 2
IV.1.8) Information about Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement:
Yes
IV.2) Administrative information
IV.2.2) Time limit for receipt of tenders or requests to participate
Date:
08/04/2024
Local time: 12:00
IV.2.3) Estimated date of dispatch of invitations to tender or to participate to selected candidates
Date:
17/04/2024
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: 6 (from the date stated for receipt of tender)
Section VI: Complementary information
VI.1) Information about recurrence
This is a recurrent procurement:
No
VI.4) Procedures for review
VI.4.1) Review body
Nest Corporation
London
E14 4PU
UK
VI.5) Date of dispatch of this notice
07/03/2024