Planning

Lord Chancellor Investment Fund

MINISTRY OF JUSTICE

This public procurement record has 1 release in its history.

Planning

05 Aug 2022 at 10:30

Planned Procurement Notice
Summary of the contracting process

The Ministry of Justice is initiating a procurement process for the 'Lord Chancellor Investment Fund', which falls under the financial and insurance services category. This process is currently in the planning stage, with a deadline for future notices set for 5th August 2022. The anticipated contract period will commence on 17th February 2023 and extend until 16th February 2029, with an option to extend for an additional two years. The total estimated value of this opportunity is £350 million, as it pertains to the management of both existing and prospective investment products. The delivery addresses for the fund management include various locations, from the UK to overseas territories.

This tender presents a significant opportunity for financial service providers, particularly those specialising in investment management. Businesses that are well-suited to compete include fund managers registered in the UK that can offer medium to low-risk investment solutions, capital growth options, and a diverse range of products tailored to the differing needs of clients. With the Ministry of Justice seeking innovative investment strategies and the potential for a contract lasting up to seven years, this is an excellent opportunity for firms looking to expand their portfolio in public sector contracts.

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Notice Information

Notice Title

Lord Chancellor Investment Fund

Notice Description

The requirement is for the appointment of an investment manager to manage and control the Lord Chancellor's Investment Fund. For the provision of and the management of suitable investment vehicles for funds held in court which are subject to the provision of the Lord Chancellor's Common Investment Fund (CIF) Additional information: 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 PS95.7m 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% 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 PS100m - PS200m 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 PS350m 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. It is envisaged that the term of the contract will be 5 years with provision to extend for a further 2 years (7 years in total).

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-93300996-d11f-4184-a015-6601bc96f27e
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/0c2ceabe-5412-4e9e-96af-76b39c6893f5
Current Stage
Planning
All Stages
Planning

Procurement Classification

Notice Type
Planned Procurement Notice
Procurement Type
Standard
Procurement Category
Not specified
Procurement Method
Not Specified
Procurement Method Details
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
5 Aug 20223 years ago
Submission Deadline
Not specified
Future Notice Date
5 Aug 2022Expired
Award Date
Not specified
Contract Period
17 Feb 2023 - 16 Feb 2029 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Planned
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
MINISTRY OF JUSTICE
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LEEDS
Postcode
LS1 4AP
Post Town
Leeds
Country
England
Major Region (ITL 1)
TLE Yorkshire and The Humber
Basic Region (ITL 2)
TLE4 West Yorkshire
Small Region (ITL 3)
TLE42 Leeds
Delivery Location
Not specified
Local Authority
Leeds
Electoral Ward
Hunslet & Riverside
Westminster Constituency
Leeds South

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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