Contract award notice
Results of the procurement procedure
Section I: Contracting
entity
I.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade
London
E14 4PU
UK
E-mail: procurement@nestcorporation.org.uk
NUTS: UKI
Internet address(es)
Main address: www.nestpensions.org.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
Provision of Fund Administration, Custody and Related Services
Reference number: TEN-2324-001
II.1.2) Main CPV code
66523100
II.1.3) Type of contract
Services
II.1.4) Short description
This is a contract for the provision of fund administration, custody and related services.
Core Services included within the scope of the contract:
- Custodian services
- Asset allocation and rebalancing services
- Investment Performance measurement
- Investment Compliance monitoring
- Investment Tax services
Additional services that may be included throughout the term of the contract include:
- FX Overlay
- Public and private market investments
- Data management
The contract is for an initial 10-year period with the option to extend up to an additional 5 years (15 years in total).
II.1.6) Information about lots
This contract is divided into lots:
No
II.1.7) Total value of the procurement
Value excluding VAT:
50 000 000.00
GBP
II.2) Description
II.2.2) Additional CPV code(s)
66162000
II.2.3) Place of performance
NUTS code:
UKI
II.2.4) Description of the procurement
This is a contract for the provision of fund administration, custody and related services.
Core Services included within the scope of the contract:
- Custodian services
- Asset allocation and rebalancing services
- Investment Performance measurement
- Investment Compliance monitoring
- Investment Tax services
Additional services that may be included throughout the term of the contract include:
- FX Overlay
- Public and private market investments
- Data management
The contract is for an initial 10-year period with the option to extend up to an additional 5 years (15 years in total).
II.2.5) Award criteria
Price
II.2.11) Information about options
Options:
Yes
Description of options:
The contract has the option for the provision of related services including:
Additional services that may be included throughout the term of the contract include:
- FX Overlay
- Public and private market investments
- Data management
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
The published contract value is an estimate based on Nest’s forecasted AUM for the initial 10-year period.
The contract allows for additional services to be procured during the term as well as contract extension for a further 5 years. Any modifications to the contract will be published in further notices throughout the term of the contract.
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:
2023/S 000-021539
Section V: Award of contract
Contract No: TEN-2324-001
Title: Provision of Fund Administration, Custody and Related Services
A contract/lot is awarded:
Yes
V.2 Award of contract
V.2.1) Date of conclusion of the contract
25/04/2024
V.2.2) Information about tenders
Number of tenders received: 6
Number of tenders received by electronic means: 6
The contract has been awarded to a group of economic operators:
Yes
V.2.3) Name and address of the contractor
The Northern Trust Company (London Branch)
50 Bank Street, Canary Wharf
London
E14 5NT
UK
NUTS: UKI
The contractor is an SME:
No
V.2.3) Name and address of the contractor
Northern Trust Global Investments Limited
50 Bank Street, Canary Wharf
London
E14 5NT
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:
: 50 000 000.00
GBP
V.2.5) Information about subcontracting
Section VI: Complementary information
VI.4) Procedures for review
VI.4.1) Review body
High Court
Royal Courts of Justice, The Strand
London
UK
VI.5) Date of dispatch of this notice
13/05/2024