Section one: Contracting authority
one.1) Name and addresses
Pension Protection Fund
Renaissance, 12 Dingwall Road
Croydon
CR0 2NA
Telephone
+44 8456002541
Country
United Kingdom
NUTS code
UKI62 - Croydon
Internet address(es)
Main address
https://ppf.bravosolution.co.uk/
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
Custody and Investment Operations Outsourcing Services
two.1.2) Main CPV code
- 66162000 - Custody services
two.1.3) Type of contract
Services
two.1.4) Short description
Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting and transfer agency services (unitisation). We may also appoint a second/reserve Custodian to manage some of the PPF’s assets, the exact amount is to be confirmed.
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: £53,000,000
two.2) Description
two.2.2) Additional CPV code(s)
- 66151000 - Financial market operational services
- 66172000 - Financial transaction processing and clearing-house services
two.2.3) Place of performance
NUTS codes
- UKI62 - Croydon
two.2.4) Description of the procurement
Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting
and transfer agency services (unitisation).
We may also look to appoint a second/reserve Custodian to manage some of the PPF’s assets, the
exact amount is to be confirmed.
The stated value is a current estimate. Our estimated range is between £9m to £53m as we
are aware that the actual value could vary significantly according to a number of potential
factors over the life of the contract.
two.2.5) Award criteria
Quality criterion - Name: Custody Service Delivery & Support / Weighting: 20%
Quality criterion - Name: Custody – Connectivity with PPF Systems and PPF third parties / Weighting: 10%
Quality criterion - Name: Custody Performance Regime / Weighting: 10%
Quality criterion - Name: IOO Service Delivery / Weighting: 15%
Quality criterion - Name: IOO Performance Regime / Weighting: 10%
Quality criterion - Name: Project mobilisation, implementation and timing / Weighting: 10%
Quality criterion - Name: Carbon Reduction Plan and ESG / Weighting: 5%
Quality criterion - Name: Price / Weighting: 10%
Quality criterion - Name: Price Sensitivity / Weighting: 5%
Quality criterion - Name: Contract / Weighting: 5%
Price - Weighting: 10%
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
two.2.14) Additional information
Total contract length stated is based on the maximum possible contract term of 10 years. The initial contract term for Custody is 5 years and IOO 3 years. The minimum contract value and maximum contract values are based on the initial contract term and maximum contract term to be spread across the primary and reserve/secondary custodian exact split is unknown at this stage.
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: No
four.2) Administrative information
four.2.1) Previous publication concerning this procedure
Notice number: 2021/S 000-016277
Section five. Award of contract
Contract No
Primary Custodian
Title
Custody and IOO Services
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
14 December 2021
five.2.2) Information about tenders
Number of tenders received: 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
The Northern Trust Company
50 Bank Street
Canary Wharf London
E14 5NT
Country
United Kingdom
NUTS code
- UKI31 - Camden and City of London
National registration number
BR001960
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: £53,000,000
Total value of the contract/lot: £53,000,000
Section five. Award of contract
Contract No
Reserve/Secondary Custodian
Title
Reserve/Secondary Custodian
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
14 December 2021
five.2.2) Information about tenders
Number of tenders received: 3
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
JPMorgan Chase Bank
25 Bank Street
Canary Wharf, London
E14 5JP
Country
United Kingdom
NUTS code
- UKI31 - Camden and City of London
National registration number
BR000746
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: £53,000,000
Total value of the contract/lot: £53,000,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
Pension Protection Fund
Croydon
Country
United Kingdom