Notice Information
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.
Notice Details
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
Buyer & Supplier
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
Further Information
Open Contracting Data Standard (OCDS)
View full OCDS Record for this contracting process
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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