Scope
Reference
P00225
Description
The Authority is seeking to appoint one or more suppliers to deliver a range of services in support of its investment fund platform, operational oversight model, and client servicing responsibilities. These services have been grouped into three Lots and will be awarded via a Competitive Flexible Procedure under the Procurement Act 2023.
The services sought through this procurement will replace those currently delivered by the Authority's existing providers, whose contracts are due to expire on 31 December 2025. A transition window will be established to allow for implementation and onboarding activities in advance of go-live dates.
Suppliers may submit proposals for one, multiple, or all Lots. Each Lot will be evaluated and awarded independently, and the Authority reserves the right to award all, some, or none of the Lots depending on the quality and value of tenders received.
Lot 1. Core Services
Description
This Lot forms the operational foundation of the Authority's fund platform and includes essential middle- and back-office services across both public and private market funds. The supplier must demonstrate full integration and automation capabilities across the following areas.
Custody
• Provision of safekeeping for all asset types including public equity, bonds, private assets, and derivatives.
• Full trade lifecycle support including settlement, monitoring, and exception resolution.
• Corporate actions processing, including notifications, elections, and entitlement collection.
• Proxy voting services aligned with client mandates, with reporting on execution.
• Cash and income management across multicurrency accounts, with intraday visibility and control.
Fund Administration
• NAV production and validation across public (e.g. ACS, EUUT) and private fund structures (e.g. SLPs).
• Financial reporting and audit support, including trial balances, annual accounts preparation, and year-end reconciliation.
• Management of capital calls, distributions, performance fee crystallisation, and valuation challenges.
• Flexible reporting across investor levels and fund structures and share classes.
Depository Services
• Oversight of regulated fund vehicles, including asset safekeeping verification, cash flow monitoring, and breach escalation.
• Segregation of oversight and custody where required under regulation.
• Periodic due diligence and assurance reporting.
Transfer Agency
• Subscription, redemption, and switch processing for investors.
• Maintenance of investor registers, anti-money laundering compliance, and document collection.
• Client onboarding, portal access, and investor servicing SLAs.
• Tailored to both listed and unlisted fund share classes.
Investment Operations
• Oversight of middle-office processes: trade capture, reconciliations (cash, positions, transactions), and lifecycle monitoring.
• Data management for positions, transactions, and reference data including fund static.
• Integration with Investment Managers, custodians, and third-party systems.
• Provision of timely dashboards, workflow tools, and MI reporting.
• Placement of Orders for Pooled Fund activity and Private Market Fund Drawdowns, including FX trade placement.
Withholding Tax
• Maintenance of tax documentation across jurisdictions.
• Application of relief at source where eligible.
• Reclaim filing and monitoring, with visibility of status and recovery timing. Reporting on open reclaims, timelines, and recovery rates
Suppliers are expected to:
Demonstrate operational scale, regulatory expertise, and automation across services
Support UK fund structures (e.g., ACS, EUUTs) and global asset classes
Provide transparent, flexible service models with strong MI and risk oversight
Evidence technology infrastructure, data controls, and continuity measures
Lot 2. Client Reporting Services
Description
Lot 2 comprises client-facing reporting and oversight services to support transparency, engagement, and governance with London CIV's underlying clients. This Lot includes the production of standardised client reports, the integration of data sources and systems to enable reporting automation, and the provision of dashboards and oversight tools that facilitate monitoring of service performance
This Lot covers services including:
Client Reporting
• Production of standardised reports (performance, attribution, holdings, risk) tailored to different client types.
• Support for templated and bespoke reporting across Private and Public market fund structures.
• Adherence to agreed reporting deadlines and publication schedules.
• Support for ESG and stewardship-related metrics and disclosures.
• Support for SFDR, TCFD, and TNFD reporting where required
Data Integration
• Integration with third-party systems (e.g. custodians, fund admins) to automatically ingest data.
• Reconciliation of data feeds and validation of input data for accuracy.
• Data validation processes and audit logs for change management
• Daily/weekly/monthly/Quarterly automated data refresh where required.
Reporting Flexibility
• Support for evolving templates, branding, regulatory disclosures, and investor requirements.
• Ability to accommodate new mandates or fund launches with minimal lead time.
• Support for cross-fund and cross-client asset consolidated views
• Scalable report configuration through no-code or low-code tools
Oversight & Engagement Tools
• Provision of dashboards to track reporting completion, delays, or data issues.
• Workflow tools to support approval and escalation processes.
• Audit trails and export functionality for internal oversight.
Suppliers are expected to:
Demonstrate advanced, flexible reporting platforms and delivery formats
Offer reporting aligned to regulatory and client-specific reporting cycles
Show integration capabilities with fund administrators, custodians, and performance providers
Evidence client access tools and transparency features
Lot 3. Ancillary Services
Description
Lot 3 comprises additional value-added services that may be required by the Authority in future. These services will be tendered as part of this procurement, but are not guaranteed to be implemented. The inclusion of Lot 3 is intended to support strategic flexibility and operational scalability
Performance Measurement and Attribution
• Delivery of absolute and relative performance figures across portfolio and benchmarks
• Daily and monthly performance calculations at total fund, asset class, and security level.
• Time-weighted and money-weighted returns with appropriate benchmarks.
• Attribution models to support manager evaluation.
• Performance dashboards and historical performance reports.
Fund Compliance and Breach Monitoring
• Setup and maintenance of investment compliance rules based on fund prospectuses and mandates.
• Daily automated breach checks against key metrics (e.g. issuer concentration, duration, credit rating).
• Alerts, reporting, and audit trails for compliance monitoring.
• Workflow and resolution tools to track breach resolution and reporting obligations.
Suppliers must clearly indicate the services offered within this Lot.
Suppliers are expected to:
Demonstrate specialist expertise and systems in respective service areas
Show integration ability with other vendors or platforms
Provide examples of existing client service models and SLAs
Contract 1
Lots
Lot 1. Core Services
Lot 3. Ancillary Services
Supplier
Contract value
- £18,480,000 including VAT
Above the relevant threshold
Award decision date
4 December 2025
Date assessment summaries were sent to tenderers
4 December 2025
Standstill period
- End: 15 December 2025
- 8 working days
Earliest date the contract will be signed
16 December 2025
Contract dates (estimated)
- 1 January 2026 to 31 December 2029
- Possible extension to 31 December 2033
- 8 years
Description of possible extension:
Subject to satisfactory performance and the continuance of requirements
Main procurement category
Services
Options
The right to additional purchases while the contract is valid.
Lot 3 catered for the adoption of additional services that might be required in the future.
CPV classifications
- 66150000 - Financial markets administration services
- 66160000 - Trust and custody services
- 66600000 - Treasury services
Contract locations
- UK - United Kingdom
Contract 2. Client Reporting Services
Lots
Lot 2. Client Reporting Services
Supplier
Contract value
- £523,678 including VAT
Above the relevant threshold
Award decision date
4 December 2025
Date assessment summaries were sent to tenderers
4 December 2025
Standstill period
- End: 15 December 2025
- 8 working days
Earliest date the contract will be signed
16 December 2025
Contract dates (estimated)
- 1 January 2026 to 31 December 2028
- Possible extension to 31 December 2033
- 8 years
Description of possible extension:
Subject to satisfactory performance and the continuance of the requirement
Main procurement category
Services
CPV classifications
- 48440000 - Financial analysis and accounting software package
- 72510000 - Computer-related management services
Contract locations
- UK - United Kingdom
Information about tenders
Lot 1. Core Services
- 3 tenders received
- 3 tenders assessed in the final stage:
- 0 submitted by small and medium-sized enterprises (SME)
- 0 submitted by voluntary, community and social enterprises (VCSE)
- 1 supplier awarded contracts
- 2 suppliers unsuccessful (details included for contracts over £5 million)
Unsuccessful suppliers
Lot 2. Client Reporting Services
- 4 tenders received
- 4 tenders assessed in the final stage:
- 1 submitted by small and medium-sized enterprises (SME)
- 0 submitted by voluntary, community and social enterprises (VCSE)
- 1 supplier awarded contracts
- 3 suppliers unsuccessful (details included for contracts over £5 million)
Lot 3. Ancillary Services
- 3 tenders received
- 3 tenders assessed in the final stage:
- 0 submitted by small and medium-sized enterprises (SME)
- 0 submitted by voluntary, community and social enterprises (VCSE)
- 1 supplier awarded contracts
- 2 suppliers unsuccessful (details included for contracts over £5 million)
Unsuccessful suppliers
Submission
Submission type
Tenders
Procedure
Procedure type
Competitive flexible procedure
Suppliers
NORTHERN TRUST GLOBAL INVESTMENTS LIMITED
- Companies House: 03929218
- Public Procurement Organisation Number: PNMY-4934-MNZX
50 Bank Street
London
E14 5NT
United Kingdom
Region: UKI42 - Tower Hamlets
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Supported employment provider: No
Public service mutual: No
Contract 1
OPUS NEBULA
- Companies House: 09270336
- Public Procurement Organisation Number: PBBM-2431-GZRW
271 High Street
Berkhamsted
HP4 1AA
United Kingdom
Email: enquiries@opus-nebula.com
Website: http://www.opus-nebula.com
Region: UKH23 - Hertfordshire
Small or medium-sized enterprise (SME): Yes
Voluntary, community or social enterprise (VCSE): No
Supported employment provider: No
Public service mutual: No
Contract 2. Client Reporting Services
STATE STREET BANK AND TRUST COMPANY
- Companies House: BR002088
- Public Procurement Organisation Number: PGHV-1511-CVPV
20 Churchill Place
London
E14 5HJ
United Kingdom
Website: http://www.statestreet.com
Region: UKI42 - Tower Hamlets
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
THE BANK OF NEW YORK MELLON
- Companies House: BR025038
- Public Procurement Organisation Number: PHHX-8877-HNCX
240 Greenwich Street
New York
EC4V 4LA
United Kingdom
Website: http://www.bny.com
Region: UKI31 - Camden and City of London
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED
- Companies House: 03236121
- Public Procurement Organisation Number: PZCG-3455-YGLM
160 Queen Victoria Street
London
EC4V 4LA
United Kingdom
Region: UKI31 - Camden and City of London
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Contracting authority
LONDON LGPS CIV LIMITED
- Companies House: 09136445
- Public Procurement Organisation Number: PQBW-9692-CYCW
4th Floor, 22 Lavington Street
London
SE1 0NZ
United Kingdom
Email: procurement@londonciv.org.uk
Region: UKI44 - Lewisham and Southwark
Organisation type: Public authority - sub-central government