Section one: Contracting authority
one.1) Name and addresses
Ministry of Justice
102 Petty France
London
SW1H 9AJ
CCMDfinancialservices@justice.gov.uk
Telephone
+44 7562433842
Country
United Kingdom
Region code
UK - United Kingdom
Internet address(es)
Main address
https://www.gov.uk/government/organisations/ministry-of-justice
Buyer's address
https://ministryofjusticecommercial.bravosolution.co.uk
one.4) Type of the contracting authority
Ministry or any other national or federal authority
one.5) Main activity
General public services
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
https://ministryofjusticecommercial.bravosolution.co.uk
two.1.2) Main CPV code
- 66000000 - Financial and insurance services
two.1.3) Type of contract
Services
two.1.4) Short description
The requirement is for the appointment of an investment manager to manage and control the Lord Chancellor's Common Investment Fund.
The purpose of the fund is to provide an investment vehicle for funds in court in England and Wales and separately in Northern Ireland. Funds are held under the jurisdiction of the Official Solicitor and the Public Trustee, and a number of individuals granted permission to invest by the Lord Chancellor.
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: £1,005,000
two.2) Description
two.2.2) Additional CPV code(s)
- 79412000 - Financial management consultancy services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
The CIF contains one product, the Equity Index Tracker Fund, which is for higher value clients. It is based on three underlying funds: Future World UK Equity Index, Future World Developed Equities Index and Global Emerging Markets (L class). The total Fund is split 55%, 35%, 10% among these three vehicles.
Total value of the Fund as at 31 March 2022, value circa £95.7m covering circa 4,820,051 units. The Lord Chancellor also manages a range of lower value or shorter term client deposits out with the CIF via deposit accounts currently paying 1.25% - see additional information for further details.
The Authority went to market in order to establish whether there may be other suitable investment products for a new arrangement covering both the current CIF funds and also some circa £100m - £200m of the other funds.
The aims of the future product within the CIF are to provide relatively secure investment returns (medium to low risk) and capital growth for those with less to invest and/or a shorter term horizon.
This might require more than one product to cover the differing needs in terms of shorter term and longer term clients, or providing for clients who may have a need for income as well as capital growth. Protection against capital loss might be achieved via risk mitigation or diversification measures. The risk profile means that passive/index-based approaches to asset classes are expected to be used.
The Authority required that companies managing CIF funds be registered in the UK.
The estimated value of £350m is a forecast of future needs based on the amount of funds currently being managed inside and outside the existing CIF but which may become subject to a future CIF if suitable products are available.
two.2.5) Award criteria
Quality criterion - Name: Philosophy, Process & Fit / Weighting: 40
Quality criterion - Name: Risk & Performance / Weighting: 30
Quality criterion - Name: Business & Team / Weighting: 15
Quality criterion - Name: Fund Structure / Weighting: 5
Quality criterion - Name: Social Value / Weighting: 10
Price - Weighting: 20%
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 four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
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: 2022/S 000-034960
Section five. Award of contract
Title
Lord Chancellor's Common Investment Fund
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
14 July 2023
five.2.2) Information about tenders
Number of tenders received: 3
Number of tenders received from tenderers from non-EU Member States: 3
Number of tenders received by electronic means: 3
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
Legal & General Investment Management Ltd
One Coleman Street
London
EC2R 5AA
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Total value of the contract/lot: £1,005,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
Ministry of Justice CCMD
102 Petty France
London
SW1H 9EA
Country
United Kingdom