Section one: Contracting authority
one.1) Name and addresses
LOCAL PENSIONS PARTNERSHIP INVESTMENTS LTD
1 Finsbury Avenue
London
EC2M 2PF
Contact
Chief Legal and Compliance Officer
Country
United Kingdom
Region code
UKI31 - Camden and City of London
Companies House
09835244
Internet address(es)
Main address
https://www.localpensionspartnership.org.uk/
one.4) Type of the contracting authority
Body governed by public law
one.5) Main activity
Other activity
Provision of discretionary investment management services to LGPS clients including pooling solutions
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Investment Risk System and Climate Risk Data Services
two.1.2) Main CPV code
- 48411000 - Investment management software package
two.1.3) Type of contract
Supplies
two.1.4) Short description
Local Pensions Partnership Investments ("LPPI") requires an Investment Risk System to develop best practice internally and externally with regards to reporting and decision support and the provision of relevant security/asset climate change data and tools to assist LPPI to comply with the IIGCC Asset Manager Net Zero Framework and the Task Force on Climate-related Financial Disclosures (TCFD).
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: £765,000
two.2) Description
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
LPPI requires an Investment Risk System to develop best practice internally and externally with regards to reporting and decision support and the provision of relevant security/asset climate change data and tools to assist LPPI to comply with the IIGCC Asset Manager Net Zero Framework and the Task Force on Climate-related Financial Disclosures (TCFD).
The contract has been awarded to MSCI under regulation 32(2)(b)(ii) of the Public Contracts Regulations 2015 because competition is absent for technical reasons. LPPI considers MSCI to be the only provider that is able to meet all of LPPI's minimum requirements, which include but are not limited to an Investment Risk System that:
1. provides coverage for all of LPPI's asset classes, including private assets (without simply proxying to public market instruments) and compatibility with Barra's Real Estate Portal;
2. has a liquidity model, that can provide liquidity ladders and also is compliant with ESM Liquidity Stress Testing requirements;
3. provides AIFMD reporting as a managed service, driven by the positions loaded into the Risk system;
4. provides exposure reporting for all asset classes;
5. has the ability to add an unlimited amount of user data and categorisations to positions;
6. has the ability to create user defined, calculated metrics for reporting purposes;
7. has all three types of VaR model (Parametric, Historical and Monte-Carlo) and can incorporate fat tails into the VaR methodology;
8. provides stress testing of:
a. historical scenarios
b. hypothetical scenarios (correlated and uncorrelated)
9. subject to licencing, has the ability to load all of LPPI's fund risk and performance benchmarks; and
10. can represent the LPPI fund view as well as the client view including their balance sheet assets; and
11. can support climate change data and tools that effectively work alongside risk management data and tools.
two.2.5) Award criteria
Quality criterion - Name: . / Weighting: .
Price - Weighting: .
two.2.11) Information about options
Options: No
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Award of a contract without prior publication of a call for competition in the cases listed below
- The procurement falls outside the scope of application of the regulations
Explanation:
Award of a contract without prior publication of a call for competition in the cases listed below
• Where the services can be supplied only by a particular economic operator because competition is absent for technical reasons
Explanation:
The contract has been awarded to MSCI under regulation 32(2)(b)(ii) of the Public Contracts Regulations 2015 because competition is absent for technical reasons. LPPI considers MSCI to be the only provider that is able to meet all of LPPI's minimum requirements, which include but are not limited to an Investment Risk System that:
1. provides coverage for all of LPPI's asset classes, including private assets (without simply proxying to public market instruments) and compatibility with Barra's Real Estate Portal;
2. has a liquidity model, that can provide liquidity ladders and also is compliant with ESM Liquidity Stress Testing requirements;
3. provides AIFMD reporting as a managed service, driven by the positions loaded into the Risk system;
4. provides exposure reporting for all asset classes;
5. has the ability to add an unlimited amount of user data and categorisations to positions;
6. has the ability to create user defined, calculated metrics for reporting purposes;
7. has all three types of VaR model (Parametric, Historical and Monte-Carlo) and can incorporate fat tails into the VaR methodology;
8. provides stress testing of:
a. historical scenarios
b. hypothetical scenarios (correlated and uncorrelated)
9. subject to licencing, has the ability to load all of LPPI's fund risk and performance benchmarks;
10. can represent the LPPI fund view as well as the client view including their balance sheet assets; and
11. can support climate change data and tools that effectively work alongside risk management data and tools.
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
Section five. Award of contract
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
1 June 2022
five.2.2) Information about tenders
Number of tenders received: 1
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
MSCI Inc, MSCI Limited and affiliates
Ninth Floor, Ten Bishops Square
London
E1 6EG
Country
United Kingdom
NUTS code
- UK - United Kingdom
Companies House
03981254
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Total value of the contract/lot: £765,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
The High Court
Strand
London
WC2A 2LL
generaloffice@administrativecourtoffice.justice.gov.uk
Country
United Kingdom