Section one: Contracting authority
one.1) Name and addresses
National Employment Savings Trust (NEST)
10 South Colonnade
London
E14 4PU
procurement@nestcorporation.org.uk
Country
United Kingdom
Region code
UKI - London
Internet address(es)
Main address
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Provision of Fund Administration, Custody and Related Services
Reference number
TEN-2324-001
two.1.2) Main CPV code
- 66523100 - Pension fund administration services
two.1.3) Type of contract
Services
two.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).
two.1.6) Information about lots
This contract is divided into lots: No
two.1.7) Total value of the procurement (excluding VAT)
Value excluding VAT: £50,000,000
two.2) Description
two.2.2) Additional CPV code(s)
- 66162000 - Custody services
two.2.3) Place of performance
NUTS codes
- UKI - London
two.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).
two.2.5) Award criteria
Price
two.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
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
two.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 four. Procedure
four.1) Description
four.1.1) Type of procedure
Competitive procedure with negotiation
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.2.1) Previous publication concerning this procedure
Notice number: 2023/S 000-021539
Section five. Award of contract
Contract No
TEN-2324-001
Title
Provision of Fund Administration, Custody and Related Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
25 April 2024
five.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
five.2.3) Name and address of the contractor
The Northern Trust Company (London Branch)
50 Bank Street, Canary Wharf
London
E14 5NT
Country
United Kingdom
NUTS code
- UKI - London
The contractor is an SME
No
five.2.3) Name and address of the contractor
Northern Trust Global Investments Limited
50 Bank Street, Canary Wharf
London
E14 5NT
Country
United Kingdom
NUTS code
- UKI - London
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Initial estimated total value of the contract/lot: £50,000,000
Total value of the contract/lot: £50,000,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
High Court
Royal Courts of Justice, The Strand
London
Country
United Kingdom