Resource and performance: The Provision of Investment Management Services

UK-Hertford: Pension fund management services.

Section I: Contracting Authority
   I.1)Name, Addresses and Contact Point(s):
      Hertfordshire County Council
      Strategic Procurement Group, CHN314, County Hall, Hertford, SG13 8DE, United Kingdom
      Tel. +44 1707292467, Fax. +44 1992588497, Email: samantha.brown@hertfordshire.gov.uk, URL: http://www.hertsdirect.org, URL: http://supplyhertfordshire.g2b.info/hpf/ following the instructions given in VI.3 (Additional Information)
      Attn: Sam Brown
      Electronic Access URL: http://supplyhertfordshire.g2b.info/hpf/ following the instructions given in VI.3 (Additional Information)
      Electronic Submission URL: http://supplyhertfordshire.g2b.info/hpf/ following the instructions given in VI.3 (Additional Information)

      Further information can be obtained at: As Above       
      Specifications and additional documents: As Above       
      Tenders or requests to participate must be sent to: As Above       
   
   I.2)Type of the contracting authority:
      Regional or local authority

   I.3) Main activity:
      General Public Services

   I.4) Contract award on behalf of other contracting authorities:
      The contracting authority is purchasing on behalf of other contracting authorities: No

Section II: Object Of The Contract: SERVICES
   II.1)Description
      II.1.1)Title attributed to the contract by the contracting authority: The Provision of Investment Management Services
      II.1.2)Type of contract and location of works, place of delivery or of performance: SERVICES         
         Service Category: 6

         Region Codes: UKH23 - Hertfordshire         
      II.1.3) Information about a public contract, a framework or a dynamic purchasing system:The notice involves a public contract                                                       
      
      II.1.5)Short description of the contract or purchase:
      Pension fund management services. Pension investment services. Hertfordshire County Council is inviting suitably qualified and experienced organisations to express interest in being considered for the provision of pension fund investment management services. This requirement is split into two Lots:

Lot 1: Actively managed Core Plus UK bond mandate.
Lot 2: Actively managed unconstrained / absolute return global bond mandate.

Applicants may apply for either one or both of the Lots.

Further detail is provided in Annex B.

The Council reserves the right to alter the value of funds awarded and may split the contract among providers.
         
      II.1.6)Common Procurement Vocabulary:
         66141000 - Pension fund management services.
         
         66131100 - Pension investment services.
         

      II.1.7) Information about Government Procurement Agreement (GPA):
         The contract is covered by the Government Procurement Agreement (GPA): Yes       
      II.1.8)Lots:
         This contract is divided into lots: Yes          
         If yes, tenders should be submitted for: One or more lots

      II.1.9)Information about variants:
         Variants will be accepted: No    
   
   II.2)Quantity Or Scope Of The Contract
      II.2.1)Total quantity or scope:
      Each contract shall have a contract period of five (5) years with the option to extend on an annual basis for up to a maximum of a further five (5) years at the sole discretion of the Council. However, under the Local Government Pension Scheme Regulations, the Pension Fund may terminate the contract at any time.

The exact size of the investment mandates for Lot 1 and Lot 2 will be affected by market movements. As a guide:
•   The assets expected to be managed under Lot 1 total approximately £350,000,000 to £400,000,000.
•   The assets expected to be managed under Lot 2 total approximately £150,000,000 to £200,000,000.

The estimated total value of the contract stated below is for both lots and is for the initial five year period only and does not include the value of any extension period.

Further details of the requirement are available on the following link: http://supplyhertfordshire.g2b.info/hpf/                  
         Estimated value excluding VAT:
         Range between: 4,500,000 and 16,000,000
         Currency: GBP
               
      
      II.2.2)Options: Not Provided         
         II.2.3)Information about renewals:
            This contract is subject to renewal: Not Provided         
   II.3)Duration Of The Contract Or Time-Limit For Completion      
         Duration in months: 60 (from the award of the contract)

   Information About Lots
            
      Lot No: 1
      Title: Actively Managed Core Plus UK Bond Mandate

      1)Short Description: Not Provided


      2)Common Procurement Vocabulary:
         66141000 - Pension fund management services.
                  66131100 - Pension investment services.
         
      3)Quantity Or Scope:      
      This mandate is expected to be managed against a Sterling benchmark, most likely an aggregate benchmark of 50% gilts / 50% investment grade corporate bonds (all stocks indices).

The investment objective will be to target an excess return of +1.5% p.a. to +2.5% p.a. above the benchmark return.

It is expected that a wide range of opportunities will be at the investment manager’s disposal in order to achieve this target. This mandate is however expected to have exposure to spread and duration.

The exact size of the investment mandates for both Lots will be affected by market movements. As a guide, the assets expected to be managed under Lot 1 total approximately £350,000,000 to £400,000,000.               
         Value range between: 2,625,000 and 6,000,000
         Currency: GBP      
                     
      4)Indication About Different Date For Start Of Award Procedures And/Or Duration Of The Contract Not Provided
                        
                  
         5)Additional Information About Lots:         
            The estimated value of this Lot stated above is for the initial five year period only and does not include the value of any extension period.      
      Lot No: 2
      Title: Actively Managed Unconstrained / Absolute Return Global Bond Mandate

      1)Short Description: Not Provided


      2)Common Procurement Vocabulary:
         66141000 - Pension fund management services.
                  66131100 - Pension investment services.
         
      3)Quantity Or Scope:      
      This mandate is expected to be managed against a cash benchmark (LIBOR or equivalent).

The investment objective will be to target an excess return of +3% p.a. to +6% p.a. above the benchmark return.

The mandate is expected to have an absolute return philosophy which seeks to preserve capital in a variety of environments.

We would anticipate that a wide range of asset classes and tools will be used in order to add value.

The exact size of the investment mandates for both Lots will be affected by market movements. As a guide, the assets expected to be managed under Lot 2 total approximately £150,000,000 to £200,000,000.               
         Value range between: 1,875,000 and 10,000,000
         Currency: GBP      
                     
      4)Indication About Different Date For Start Of Award Procedures And/Or Duration Of The Contract Not Provided
                        
                  
         5)Additional Information About Lots:         
            The estimated value of this Lot stated above is for the initial five year period only and does not include the value of any extension period.         
Section III: Legal, Economic, Financial And Technical Information
   III.1)Conditions relating to the contract
      III.1.1)Deposits and guarantees required:
      Not Provided
      
      III.1.2)Main financing conditions and payment arrangements and/or reference to the relevant provisions governing them:
      Not Provided
      
      III.1.3)Legal form to be taken by the group of economic operators to whom the contract is to be awarded:
      Not Provided
      
      III.1.4)Other particular conditions:
         The performance of the contract is subject to particular conditions: Not Provided      
   III.2)Conditions For Participation
      III.2.1)Personal situation of economic operators, including requirements relating to enrolment on professional or trade registers:
      Not Provided      
      III.2.2)Economic and financial capacity
         Economic and financial capacity - means of proof required:         
         Not Provided
      
      III.2.3)Technical capacity
         Technical capacity - means of proof required         
         Not Provided      
      III.2.4)Information about reserved contracts: Not Provided   
   III.3)Conditions Specific To Service Contracts
      III.3.1)Information about a particular profession:
         Execution of the service is reserved to a particular profession: Not Provided      
      III.3.2)Staff responsible for the execution of the service:
         Legal persons should indicate the names and professional qualifications of the staff responsible for the execution of the service: Not Provided
Section IV: Procedure
   IV.1)Type Of Procedure
      IV.1.1)Type of procedure: Restricted
      
      IV.1.2)Limitations on the number of operators who will be invited to tender or to participate:
                        Envisaged minimum number: 6 and maximum number: 10         
         Objective Criteria for choosing the limited number of candidates:
         As set out in the pre-qualification questionnaire, which is available following the instructions given in VI.3 (Additional Information).   
   IV.2)Award Criteria
      IV.2.1)Award criteria:      
         The most economically advantageous tender in terms of
            The criteria stated in the specifications, in the invitation to tender or to negotiate or in the descriptive document

      IV.2.2)Information about electronic auction:
         An electronic auction will be used: No       

   IV.3)Administrative Information
      IV.3.1)File reference number attributed by the contracting authority: HCC Contract Reference Number: HCC1306021. Tender Access Code: DP8F2E9ZMY      
      IV.3.2)Previous publication(s) concerning the same contract: No

      IV.3.3)Conditions for obtaining specifications and additional documents or descriptive document:



         Payable documents: No       
      
      IV.3.4)Time-limit for receipt of tenders or requests to participate
         Date: 05/03/2013
         Time: 12:00      
      IV.3.5)Date of dispatch of invitations to tender or to participate to selected candidates: Not Provided      
      IV.3.6)Language(s) in which tenders or requests to participate may be drawn up:         English
         


Section VI: Complementary Information

   VI.1)This Is A Recurrent Procurement: Not Provided
   VI.2)Information about European Union funds:
      The contract is related to a project and/or programme financed by European Union funds: Not Provided      
   VI.3)Additional Information: PLEASE READ THIS SECTION CAREFULLY AS IT PROVIDES FULL INSTRUCTIONS ON HOW TO APPLY FOR THIS REQUIREMENT

Hertfordshire County Council has moved to a new way of e-Tendering and worked closely with its Districts and Partners to create a joint procurement website called Supply Hertfordshire. This website is supported by BiP Solutions who provide a system called Delta which is the background platform to Supply Hertfordshire.

The Pre-Qualification Process
This tender is a two stage process and you will only be invited to tender if you have successfully passed through the Pre-Qualification Questionnaire (PQQ) stage. If you wish to be considered as a tenderer you must complete and submit a completed PQQ by using the Tenderbox through BiP’s Delta by the due date of 12 noon on Tuesday 5th March 2013. PQQs cannot be uploaded after the closing date/time.

Step 1: Registering with Supply Hertfordshire
To participate in this tender you will need to go into http://supplyhertfordshire.g2b.info/hpf/ and register, thereafter you will be issued with a USERNAME and PASSWORD. (If you have already registered with Delta or Supply Hertfordshire, please follow the link above where you can log on using your existing username and password. If you have registered and have forgotten your Username and Password, please click on the forgotten password link below the log in box.) Please keep this USERNAME and PASSWORD secure, and do not pass it to any third parties.

Step 2: Completing your PQQ
To complete the PQQ for this tender you will need to go into the Response Manager area and enter the Access Code DP8F2E9ZMY. You will then need to download the relevant PQQ and complete. Any supporting documents should be cross-referenced to the relevant question and detailed in Appendix A of the PQQ. If the Council requires further information concerning your application form, your organisation will be contacted. However, please provide full details and answer all questions, as the Council reserves the right not to ask applicants for any further information or clarification.

Step 3: Uploading Your Completed PQQ
Once you have completed your PQQ for this tender exercise you must then “upload” your completed response into the Tenderbox (Access Code DP8F2E9ZMY) and ensure it has been submitted as a response.

Please make sure you have submitted your completed PQQ to the correct Access Code, the Council will not be held accountable for any errors made by an applicant in submitting your completed PQQ.

Please ensure that you allow plenty of time when responding to this PQQ prior to the closing date and time, as the uploading of documents can take some time. Multiple documents can only be uploaded one at a time or can all be ‘zipped’ together using an application like WinZip.
If you are experiencing problems, then please contact the Delta helpdesk via email at helpdesk@delta-esourcing.com or call 0845 270 7050 (Option 2) Monday to Friday 8:30am – 5:30pm for further assistance.

The Council reserves the right at any time to cease the tendering process and not award a contract or to award only part of the opportunity described in this notice. If the Council takes up this right then they will not be responsible for, or pay the expenses or losses, which may be incurred by any tenderer as a result.

The Council undertakes to hold confidential any information provided in the proposal submitted, subject to the Council's obligations under the law, including the Freedom of Information Act 2000. If the applicant considers that any of the information submitted in the proposal should not be disclosed because of its sensitivity then this should be stated with the reason for considering it sensitive. The Council will then endeavour to consult with the applicant about such sensitive information when considering any request received under the Freedom of Information Act 2000 before replying to such a request.

Due to the current economic climate, Hertfordshire County Council reserves the right to carry out additional financial checks on all companies tendering for this Contract at any time during the procurement process, to ensure that they continue to meet the Council's requirements and remain financially viable to perform the Contract.
To view this notice, please click here:
https://www.delta-esourcing.com/delta/respondToList.html?noticeId=50677525
GO-2013131-PRO-4555926 TKR-2013131-PRO-4555925
   
   VI.4)Procedures For Appeal
      VI.4.1)Body responsible for appeal procedures:
      See VI.4.2

      VI.4.2)Lodging of appeals: Hertfordshire County Council will incorporate a minimum 10 calendar day standstill period at the point information on the award of the contract is communicated to tenderers to allow unsuccessful tenderers to raise any complaints before the contract is entered into.

If a complaint between the Council and the tenderer regarding the award of a contract has not been successfully resolved, relevant provisions of the Public Contracts Regulations 2006 (as amended) will apply. The aggrieved party is advised to seek independent legal advice in relation to remedies they can pursue under the Public Contracts Regulations 2006 (as amended).   
   
      VI.4.3)Service from which information about the lodging of appeals may be obtained:
            Not Provided

   VI.5) Date Of Dispatch Of This Notice: 31/01/2013

ANNEX A