Section one: Contracting authority
one.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade 1st floor
London
E14 4PU
alison.slade@nestcorporation.org.uk
Telephone
+44 2030563678
Country
United Kingdom
NUTS code
UK - United Kingdom
Internet address(es)
Main address
https://nesttenders.bravosolution.co.uk
one.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 above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://nesttenders.bravosolution.co.uk
Tenders or requests to participate must be submitted to the above-mentioned address
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
General public services
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
https://nesttenders.bravosolution.co.uk/
Reference number
TEN-2324-037
two.1.2) Main CPV code
- 79000000 - Business services: law, marketing, consulting, recruitment, printing and security
two.1.3) Type of contract
Services
two.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.
two.1.5) Estimated total value
Value excluding VAT: £2,000,000
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.2) Additional CPV code(s)
- 79400000 - Business and management consultancy and related services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
Main site or place of performance
UK
two.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.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.6) Estimated value
Value excluding VAT: £2,000,000
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
180
This contract is subject to renewal
No
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section three. Legal, economic, financial and technical information
three.1) Conditions for participation
three.1.2) Economic and financial standing
Selection criteria as stated in the procurement documents
three.1.3) Technical and professional ability
Selection criteria as stated in the procurement documents
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Restricted procedure
four.1.3) Information about a framework agreement or a dynamic purchasing system
The procurement involves the establishment of a framework agreement
Framework agreement with several operators
Envisaged maximum number of participants to the framework agreement: 2
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.2) Time limit for receipt of tenders or requests to participate
Date
8 April 2024
Local time
12:00pm
four.2.3) Estimated date of dispatch of invitations to tender or to participate to selected candidates
17 April 2024
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.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 six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.4) Procedures for review
six.4.1) Review body
Nest Corporation
London
E14 4PU
Country
United Kingdom