- 1. Norfolk County Council
- 2. Hampshire County Council (as Administering Authority of the Hampshire Pension Fund),
- 3. Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC)
- 4. West Sussex County Council (as Administering Authority of the West Sussex Pension Fund)
- 5. Tameside Metropolitan Borough Council (as Administering Authority of the Greater Manchester Pension Fund)
- 6. Wirral Council (as Administering Authority for Merseyside Pension Fund)
Section one: Contracting authority
one.1) Name and addresses
Norfolk County Council
Martineau Lane
NORWICH
NR12DH
Contact
Julie Ward
Telephone
+44 1603224320
Country
United Kingdom
Region code
UKH15 - Norwich and East Norfolk
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
Buyer's address
http://In-Tendhost.co.uk/norfolkcc
one.1) Name and addresses
Hampshire County Council (as Administering Authority of the Hampshire Pension Fund),
Winchester
Country
United Kingdom
Region code
UKJ3 - Hampshire and Isle of Wight
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
https://www.hants.gov.uk/hampshire-services/pensions
one.1) Name and addresses
Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC)
Belfast
Country
United Kingdom
Region code
UKN06 - Belfast
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
one.1) Name and addresses
West Sussex County Council (as Administering Authority of the West Sussex Pension Fund)
Chichester
Country
United Kingdom
Region code
UKJ27 - West Sussex (South West)
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
one.1) Name and addresses
Tameside Metropolitan Borough Council (as Administering Authority of the Greater Manchester Pension Fund)
Droylsden
Country
United Kingdom
Region code
UKD3 - Greater Manchester
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
one.1) Name and addresses
Wirral Council (as Administering Authority for Merseyside Pension Fund)
Liverpool
Country
United Kingdom
Region code
UKD72 - Liverpool
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
one.2) Information about joint procurement
The contract involves joint procurement
one.4) Type of the contracting authority
Regional or local authority
one.5) Main activity
General public services
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Multi-lot, multi-provider framework agreement for the provision of Investment Management Consultancy Services primarily in support of the Local Government Pension Scheme (LGPS).
Reference number
NCCT42289
two.1.2) Main CPV code
- 66523000 - Pension fund consultancy services
two.1.3) Type of contract
Services
two.1.4) Short description
The authorities listed in this notice have let a multi-lot, multi-provider framework agreement for the provision of Investment Management Consultancy Services primarily in support of the Local Government Pension Scheme (LGPS).
two.1.6) Information about lots
This contract is divided into lots: Yes
two.1.7) Total value of the procurement (excluding VAT)
Lowest offer: £1 / Highest offer: £2 taken into consideration
two.2) Description
two.2.1) Title
Investment Consultancy Services
Lot No
1
two.2.2) Additional CPV code(s)
- 66523000 - Pension fund consultancy services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To provide a wide range of advisory services in relation to investment management support services, including, but not limited to:
• Review of investment strategy including but not limited to:
o strategic and tactical asset allocation to include a full range of asset classes including alternative investments and emerging products and services;
o investment beliefs;
o the use of overlays;
o risk appetite and budgeting;
o setting appropriate performance targets and benchmarks;
o access to research and technical information provision e.g. technical information underpinning ALM model;
• working with the Fund Actuary to undertake asset liability modelling as required;
• working with the Fund Actuary on an on-going basis in respect of the integrated management of fund assets and liabilities;
• advising on the Investment Strategy Statement/Statement of Investment Principles (NI/Scotland) and other statutory policy or reporting requirements including monitoring, reporting and assessment of investment management service providers;
• provision of Quarterly Performance Monitoring and Reporting as required;
• advice on the implementation of Investment Strategy Statement/Statement of Investment Principles (NI/Scotland);
• advising on and/or preparation of the Pension Fund Annual Report and other statutory reporting requirements;
• advising the Fund on all policies and guidance with regards to Responsible Investment and Stewardship policies which set how Social, Environmental and corporate governance considerations are taken into account in the selection, non-selection, retention and realisation of investments on the exercise of the rights (including voting rights attached to investments);
• where appropriate to take into consideration wider ESG issues when relevant to the advice being provided;
• advising on the investment market and solutions (at a strategic and fund investment strategy level) based upon the application of current market intelligence (or advising on investment markets and the outlook for different asset classes);
• attend meetings and provide training to members of the pensions committee, local pension boards, officers etc. in support of maintaining high standards of investment governance;
• review and selection of Additional Voluntary Contributions providers;
• matters in connection with LGPS asset management restructuring ("asset pooling").
two.2.5) Award criteria
Quality criterion - Name: Quality / Weighting: 80
Price - Weighting: 20
two.2.11) Information about options
Options: No
two.2) Description
two.2.1) Title
Manager/Fund Search, Selection, Monitoring and Review Services
Lot No
2
two.2.2) Additional CPV code(s)
- 66523000 - Pension fund consultancy services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To provide a wide range of advisory services in relation to the appointment of investment management support services, including, but not limited to:
• Providing market-wide advice on the range of managers/funds with the capability to undertake specific portfolio management and other ancillary services;
• supporting clients with investment manager or other investment related services;
• undertaking investment manager or other investment-related services, assessment and selection on behalf of clients;
• supporting clients in the procurement of, and fee level and structure negotiations with, service providers;
• undertaking investment manager performance monitoring and review on behalf of clients;
• providing access to manager research;
• providing views and ongoing monitoring of investment managers' capabilities from an environmental, social and governance perspective;
• provision of support, training and attendance at meetings as required by clients;
• individual Portfolio reviews - including performance objectives, risk and cost.
two.2.5) Award criteria
Quality criterion - Name: Quality / Weighting: 80
Price - Weighting: 20
two.2.11) Information about options
Options: No
two.2) Description
two.2.1) Title
Investment Managements Consultancy Related Specialist Services
Lot No
3
two.2.2) Additional CPV code(s)
- 66523000 - Pension fund consultancy services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To undertake a wide range of discrete pieces of specialist, investment-related work, including, but not limited to:
• matters in connection with LGPS Investment Pooling Arrangements;
• FCA authorisation and Variation of Permissions;
• regulatory compliance advice and review services;
• regulatory change advice and implementation services;
• development and integration of investment management operating models changes or enhancements;
• development, review and implementation of investment risk management strategy;
• delivery / implementation of IT infrastructure investment solutions;
• reviews of fund policy statements (ISS/SIP, RI statements etc.);
• individual Portfolio reviews - including performance objectives, risk and cost and ESG matters;
• investment research, modelling and analytics;
• advising on RI and stewardship policies, styles and tools across any or all asset classes and the implementation of RI and stewardship strategies;
• review and selection of Additional Voluntary Contributions providers and associated funds;
• support of processes and compliance with regulatory requirements pertaining to its operation as an authorised entity;
• undertaking or supporting custody/administrator /back-office investment management;
• infrastructure search and review, assessment and selection on behalf of clients;
• assist with the appointment of a Transition Manager and the post and pre trade reporting and analysis;
• enhanced, independent manager analysis, monitoring and review services;
• advice on ESG risk including modelling and reporting;
• support with reporting as required under TCFD (Task Force on Climate-related Financial Disclosures);
• providing transition advice in relation to the switching or movement of assets and/or the restructuring of portfolios;
• advice on Performance Measurement and Attribution solutions and services;
• advice on Climate scenario analysis and impact on portfolio;
• provision of Consultancy services for strategic policy advice and modelling a pension plan's assets, liabilities, and policy instruments;
• provision of Economic Scenario Analysis.
two.2.5) Award criteria
Quality criterion - Name: Quality / Weighting: 80
Price - Weighting: 20
two.2.11) Information about options
Options: No
two.2) Description
two.2.1) Title
Investment Management Cost Monitoring and Reporting
Lot No
4
two.2.2) Additional CPV code(s)
- 66523000 - Pension fund consultancy services
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement
To provide:
• The on-going collation of client investment management cost data from all relevant sources (including but not limited to the client, their custodian and their asset managers as required) at a level of detail consistent with best practice on investment management cost transparency (e.g. guidance as issued from time to time by CIPFA, the LGPS Scheme Advisory Board, the IMA and other leading industry bodies);
• the analysis of such data to provide year-on-year comparable investment management cost data, benchmarked across the LGPS and other relevant UK and global comparators;
• annual reporting of investment management cost outcomes to the client;
• the maintenance of all historical client data;
• attendance at meetings as required by clients.
two.2.5) Award criteria
Quality criterion - Name: Quality / Weighting: 80
Price - Weighting: 20
two.2.11) Information about options
Options: No
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.3) Information about a framework agreement or a dynamic purchasing system
The procurement involves the establishment of a framework agreement
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 000-020383
Section five. Award of contract
Contract No
NCCT42289
Lot No
1
Title
Investment Consultancy Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
19 October 2022
five.2.2) Information about tenders
Number of tenders received: 7
Number of tenders received from SMEs: 1
Number of tenders received by electronic means: 7
The contract has been awarded to a group of economic operators: Yes
five.2.3) Name and address of the contractor
Aon Investments Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
591315
The contractor is an SME
No
five.2.3) Name and address of the contractor
Barnett Waddingham LLP
Cheltenham
Country
United Kingdom
NUTS code
- UKK13 - Gloucestershire
Companies House
OC307678
The contractor is an SME
No
five.2.3) Name and address of the contractor
Bfinance UK Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
03950214
The contractor is an SME
No
five.2.3) Name and address of the contractor
Hymans Robertson
Glasgow
Country
United Kingdom
NUTS code
- UKM82 - Glasgow City
Companies House
OC310282
The contractor is an SME
No
five.2.3) Name and address of the contractor
Isio
Edinburgh
Country
United Kingdom
NUTS code
- UKM75 - Edinburgh, City of
Companies House
12273083
The contractor is an SME
No
five.2.3) Name and address of the contractor
Mercer Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
00984275
The contractor is an SME
No
five.2.3) Name and address of the contractor
Redington Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
06660006
The contractor is an SME
Yes
five.2.4) Information on value of contract/lot (excluding VAT)
Lowest offer: £1 / Highest offer: £2 taken into consideration
Section five. Award of contract
Contract No
NCCT42289
Lot No
2
Title
Manager/Fund Search, Selection, Monitoring and Review Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
19 October 2022
five.2.2) Information about tenders
Number of tenders received: 8
Number of tenders received from SMEs: 2
Number of tenders received by electronic means: 8
The contract has been awarded to a group of economic operators: Yes
five.2.3) Name and address of the contractor
Aon Investments Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
591315
The contractor is an SME
No
five.2.3) Name and address of the contractor
Barnett Waddingham LLP
Cheltenham
Country
United Kingdom
NUTS code
- UKK13 - Gloucestershire
Companies House
OC307678
The contractor is an SME
No
five.2.3) Name and address of the contractor
Bfinance UK Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
03950214
The contractor is an SME
No
five.2.3) Name and address of the contractor
Hymans Robertson LLP
Glasgow
Country
United Kingdom
NUTS code
- UKM82 - Glasgow City
Companies House
OC310282
The contractor is an SME
No
five.2.3) Name and address of the contractor
Isio
Edinburgh
Country
United Kingdom
NUTS code
- UKM75 - Edinburgh, City of
Companies House
12273083
The contractor is an SME
No
five.2.3) Name and address of the contractor
Mercer Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
00984275
The contractor is an SME
No
five.2.3) Name and address of the contractor
MJ Hudson Investment Advisers Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
4533331
The contractor is an SME
Yes
five.2.3) Name and address of the contractor
Redington Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
06660006
The contractor is an SME
Yes
five.2.4) Information on value of contract/lot (excluding VAT)
Lowest offer: £1 / Highest offer: £2 taken into consideration
Section five. Award of contract
Contract No
NCCT42289
Lot No
3
Title
Investment Management Consultancy Related Specialist Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
19 October 2022
five.2.2) Information about tenders
Number of tenders received: 9
Number of tenders received from SMEs: 2
Number of tenders received by electronic means: 9
The contract has been awarded to a group of economic operators: Yes
five.2.3) Name and address of the contractor
Aon Investment Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
591315
The contractor is an SME
No
five.2.3) Name and address of the contractor
Barnett Waddingham LLP
Cheltenham
Country
United Kingdom
NUTS code
- UKK13 - Gloucestershire
Companies House
OC307678
The contractor is an SME
No
five.2.3) Name and address of the contractor
Bfinance UK Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
03950214
The contractor is an SME
No
five.2.3) Name and address of the contractor
Hymans Robertson
Glasgow
Country
United Kingdom
NUTS code
- UKM82 - Glasgow City
Companies House
OC310282
The contractor is an SME
No
five.2.3) Name and address of the contractor
Isio
Edinburgh
Country
United Kingdom
NUTS code
- UKM75 - Edinburgh, City of
Companies House
12273083
The contractor is an SME
No
five.2.3) Name and address of the contractor
Mercer Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
00984275
The contractor is an SME
No
five.2.3) Name and address of the contractor
MJ Hudson Investment Advisers Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
4533331
The contractor is an SME
Yes
five.2.3) Name and address of the contractor
Redington Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
06660006
The contractor is an SME
Yes
five.2.4) Information on value of contract/lot (excluding VAT)
Lowest offer: £1 / Highest offer: £2 taken into consideration
Section five. Award of contract
Contract No
NCCT42289
Lot No
4
Title
Investment Management Cost Monitoring and Reporting Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
19 October 2022
five.2.2) Information about tenders
Number of tenders received: 3
Number of tenders received from SMEs: 1
Number of tenders received by electronic means: 3
The contract has been awarded to a group of economic operators: Yes
five.2.3) Name and address of the contractor
Aon Investments Ltd
London
Country
United Kingdom
NUTS code
- UKI - London
Companies House
591315
The contractor is an SME
No
five.2.3) Name and address of the contractor
CEM Benchmarking Ltd
Tunbridge Wells
Country
United Kingdom
NUTS code
- UKJ4 - Kent
Companies House
07736482
The contractor is an SME
Yes
five.2.4) Information on value of contract/lot (excluding VAT)
Lowest offer: £1 / Highest offer: £2 taken into consideration
Section six. Complementary information
six.3) Additional information
The figures values stated do not reflect the true volume of business. There is no guarantee of business, but the expectation is that up to £25,000,000 could be procured against this Framework Agreement.
six.4) Procedures for review
six.4.1) Review body
Nplaw
Norwich
Country
United Kingdom