Section one: Contracting authority
one.1) Name and addresses
Ministry of Justice
102 Petty France
London
SW1H 9AJ
ccmdfinancialservices@justice.gov.uk
Telephone
+44 02033343555
Country
United Kingdom
Region code
UK - United Kingdom
Internet address(es)
Main address
https://www.gov.uk/government/organisations/ministry-of-justice
one.3) Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at
https://ministryofjusticecommercial.bravosolution.co.uk/
Additional information can be obtained from the above-mentioned address
Tenders or requests to participate must be submitted electronically via
https://ministryofjusticecommercial.bravosolution.co.uk/
Tenders or requests to participate must be submitted to the above-mentioned address
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
Lord Chancellors Investment Fund
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 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.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 currently 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 wishes to revisit the 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 any future product within the CIF would be 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 requires that companies managing CIF funds are 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
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Start date
1 February 2023
End date
31 January 2030
This contract is subject to renewal
Yes
Description of renewals
The contract will be reviewed at least 12 months before the expiry of the contract.
two.2.10) Information about variants
Variants will be accepted: No
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 000-020012
four.2.2) Time limit for receipt of tenders or requests to participate
Date
30 December 2022
Local time
12:00pm
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.7) Conditions for opening of tenders
Date
30 December 2022
Local time
12:00pm
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.3) Additional information
Interested Suppliers are required to register their company details (if not already registered) on the esourcing portal. https://ministryofjusticecommercial.bravosolution.co.uk in order to obtain tender documents for this opportunity.
Once you have an active account go to "ITT's Open To All Suppliers" and select ITT_ 6937 to submit your response.
Tenders must be completed on the system only, no email submissions will be accepted.
six.4) Procedures for review
six.4.1) Review body
Ministry of Justice CCMD
102 Petty France
London
SW1H 9EA
Country
United Kingdom