Award

https://ministryofjusticecommercial.bravosolution.co.uk

MINISTRY OF JUSTICE

This public procurement record has 3 releases in its history.

Award

29 Sep 2023 at 15:14

Tender

09 Dec 2022 at 15:07

Planning

22 Jul 2022 at 12:07

Summary of the contracting process

The Ministry of Justice is inviting tenders for managing the Lord Chancellor's Common Investment Fund. This involves appointing an investment manager to handle a fund providing investment opportunities for court funds in England, Wales, and Northern Ireland. The fund currently values around £95.7 million, with a forecasted future value of £350 million. The Ministry requires UK-registered companies to manage the funds. The procurement process has been completed, and Legal & General Investment Management Ltd has been awarded the contract.

This opportunity can be beneficial for businesses in the financial and insurance services sector looking to manage investment funds. Companies with a track record in managing medium to low-risk investments and providing capital growth will find this tender suitable. As the Lord Chancellor's Common Investment Fund caters to various client needs, including capital preservation and income growth, businesses offering diversified investment solutions are encouraged to compete. The contract, worth over £1 million GBP, offers a chance for growth and collaboration in managing significant financial assets for court-related funds.

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Notice Title

https://ministryofjusticecommercial.bravosolution.co.uk

Notice Description

The requirement is for the appointment of an investment manager to manage and control the Lord Chancellor's Common 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.

Lot Information

Lot 1

The CIF 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% - see additional information for further details. The Authority went to 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 the future product within the CIF are 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 required that companies managing CIF funds be 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.

Renewal: The contract will be reviewed at least 12 months before the expiry of the contract.

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-0354d4
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/028855-2023
Current Stage
Award
All Stages
Planning, Tender, Award

Procurement Classification

Notice Type
Planning Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

79 - Business services: law, marketing, consulting, recruitment, printing and security


CPV Codes

66000000 - Financial and insurance services

79412000 - Financial management consultancy services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£1,005,000 £1M-£10M

Notice Dates

Publication Date
29 Sep 20232 years ago
Submission Deadline
30 Dec 2022Expired
Future Notice Date
25 Aug 2022Expired
Award Date
13 Jul 20232 years ago
Contract Period
1 Feb 2023 - 31 Jan 2030 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Contracting Authority (Buyer)

Main Buyer
MINISTRY OF JUSTICE
Contact Name
Colette Mason
Contact Email
ccmdfinancialservices@justice.gov.uk, colette.mason@justice.gov.uk
Contact Phone
+44 7562433842

Buyer Location

Locality
LEEDS
Postcode
LS1 4AP
Post Town
Leeds
Country
England

Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified

Local Authority
Westminster
Electoral Ward
St James's
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

LEGAL & GENERAL INVESTMENT MANAGEMENT

Open Contracting Data Standard (OCDS)

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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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