Scope
Description
We will be transitioning over £50bn of assets from one custodian to another and working with a brand new fund accountant and administrator. This contract will provide expert support and experience based on deep experience of transitioning assets, and a deep understanding of Nest needs, and the new provider's capabilities.
Contract 1. CON-2526-002 Fund Admin Transition and Transformation Programme
Supplier
Contract value
- £716,480.40 including VAT
Above the relevant threshold
Earliest date the contract will be signed
21 April 2025
Contract dates (estimated)
- 22 April 2025 to 31 December 2025
- 8 months, 9 days
Main procurement category
Services
CPV classifications
- 66523100 - Pension fund administration services
Participation
Particular suitability
Small and medium-sized enterprises (SME)
Other information
Description of risks to contract performance
There is a possibility that further unforeseen delays from other areas of the business could require this contract to be extended or increased both in terms of value and time.
Conflicts assessment prepared/revised
Yes
Procedure
Procedure type
Direct award
Direct award justification
Single supplier - technical reasons
Alpha FMC have been integral in the design of the procurement exercise for the Fund Administrator, mapping out our target operating model for the transition to the new supplier and have developed close working relationships across Nest, NT, and State Street, and have managed and developed the transition program to the new supplier planned for November of this year.
We are at a critical juncture in the program, with transition of over £50billion of assets from one supplier to another taking place in 6 months. It would be extremely risky and impractical to procure a new supplier in the time left in the program, and would put at serious risk the transition timetable.
Supplier
ALPHA FINANCIAL MARKETS CONSULTING UK LIMITED
- Companies House: 04710715
60 Gresham Street
London
EC2V 7BB
United Kingdom
Email: enquiries@alphafmc.com
Region: UKI31 - Camden and City of London
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Contract 1. CON-2526-002 Fund Admin Transition and Transformation Programme
Contracting authority
Nest Corporation
- Public Procurement Organisation Number: PQGC-5667-VDDT
10 South Colonnade
London
E14 4PU
United Kingdom
Region: UKI42 - Tower Hamlets
Organisation type: Public authority - sub-central government