Notice Information
Notice Title
Equity Overlay / Downside Risk Management
Notice Description
The Local Government Pension Scheme (LGPS) is a national scheme administered on a local basis by Wirral Council as the administering authority for the Northern LGPS. The Fund is governed by the Superannuation Act 1972 and the Public Services Pensions Act 2013. The Fund is administered in accordance with the following secondary legislation: - the LGPS Regulations 2013 (as amended) - the LGPS (Transitional Provisions, Savings and Amendment) regulations 2014 (as amended) - The Occupational and Personal Pension Scheme (Administration) Regulations 2008 - the LGPS (Management and Investment of Funds) Regulations 2016 - the Public Services Pensions (Information about Benefits) Directions 2014. Northern LGPS is a partnership between the Greater Manchester (GMPF), Merseyside (MPF) and West Yorkshire (WYPF) Local Government Pension Scheme (LGPS) funds. Formerly known as 'Northern Pool', it is one of Britain's largest public investment funds, with combined assets under management of PS46bn. Northern LGPS represents about a fifth of total LGPS assets, has approximately 880,000 members and over 1,100 contributing employers. Northern LGPS's purpose is to ensure the assets of its funds perform effectively so that members receive a pension that enables them to enjoy their retirement in dignity. 3. Scope of the opportunity Northern LGPS is seeking to control equity risk on a medium-term basis and possibly on a longer-term strategic basis through the use of an equity overlay solution(s). Northern LGPS is looking to renew its framework of approved equity overlay suppliers to offer overlay management services as required during the framework duration. It is anticipated that mandates will be awarded on an individual basis to suppliers within this framework as required by the underlying plans. Suppliers must be able to offer equity risk / drawdown control through a broad range of overlay solutions ranging from basic put / put-spread protection through to more complex strategies (as required by individual awards within the framework), and may also be required to offer mechanisms for funding (e.g. synthetic equity replication or other funding routes). The approved supplier framework will target a minimum of 3 manager appointments. Northern LGPS are seeking proposals from asset managers. Bank or other non-fiduciary solutions will be excluded. Suppliers must be able to implement solutions using their own trading relationships. Proposals requiring use of client ISDAs will be excluded. Suppliers must be regulated to offer services to UK institutional investors. It is estimated that the Northern LGPS will seek to deploy Equity Risk Overlay mandates on up to GBP 3bn initially. This figure represents the client's total equity exposure that might be referenced by overlay proposals. Individual mandates within the framework are expected to vary in sizes ranging from GBP 100m to GBP 2bn, with the framework expected to deploy multiple overlay solutions over time. There is also the potential for aggregate mandate size to grow through the incorporation of other asset classes over time. Subject to there being a sufficient number of responses meeting the selection criteria, Northern LGPS will select the 10 top scored qualified suppliers to be invited to tender. Once the framework has been awarded, each individual Fund will run their own further competition between the successful suppliers on the framework when each individual requirement arises. The overall estimate contract spend of PS7,236,000 is the estimated spend over the life time of the framework and it is unknown how much will be awarded to each supplier as this will be determined by each further competitions when an individual need arises
Lot Information
Lot 1
The Local Government Pension Scheme (LGPS) is a national scheme administered on a local basis by Wirral Council as the administering authority for the Northern LGPS. The Fund is governed by the Superannuation Act 1972 and the Public Services Pensions Act 2013. The Fund is administered in accordance with the following secondary legislation: - the LGPS Regulations 2013 (as amended) - the LGPS (Transitional Provisions, Savings and Amendment) regulations 2014 (as amended) - The Occupational and Personal Pension Scheme (Administration) Regulations 2008 - the LGPS (Management and Investment of Funds) Regulations 2016 - the Public Services Pensions (Information about Benefits) Directions 2014. Northern LGPS is a partnership between the Greater Manchester (GMPF), Merseyside (MPF) and West Yorkshire (WYPF) Local Government Pension Scheme (LGPS) funds. Formerly known as 'Northern Pool', it is one of Britain's largest public investment funds, with combined assets under management of PS46bn. Northern LGPS represents about a fifth of total LGPS assets, has approximately 880,000 members and over 1,100 contributing employers. Northern LGPS's purpose is to ensure the assets of its funds perform effectively so that members receive a pension that enables them to enjoy their retirement in dignity. 3. Scope of the opportunity Northern LGPS is seeking to control equity risk on a medium-term basis and possibly on a longer-term strategic basis through the use of an equity overlay solution(s). Northern LGPS is looking to renew its framework of approved equity overlay suppliers to offer overlay management services as required during the framework duration. It is anticipated that mandates will be awarded on an individual basis to suppliers within this framework as required by the underlying plans. Suppliers must be able to offer equity risk / drawdown control through a broad range of overlay solutions ranging from basic put / put-spread protection through to more complex strategies (as required by individual awards within the framework), and may also be required to offer mechanisms for funding (e.g. synthetic equity replication or other funding routes). The approved supplier framework will target a minimum of 3 manager appointments. Northern LGPS are seeking proposals from asset managers. Bank or other non-fiduciary solutions will be excluded. Suppliers must be able to implement solutions using their own trading relationships. Proposals requiring use of client ISDAs will be excluded. Suppliers must be regulated to offer services to UK institutional investors. It is estimated that the Northern LGPS will seek to deploy Equity Risk Overlay mandates on up to GBP 3bn initially. This figure represents the client's total equity exposure that might be referenced by overlay proposals. Individual mandates within the framework are expected to vary in sizes ranging from GBP 100m to GBP 2bn, with the framework expected to deploy multiple overlay solutions over time. There is also the potential for aggregate mandate size to grow through the incorporation of other asset classes over time. Subject to there being a sufficient number of responses meeting the selection criteria, Northern LGPS will select the 10 top scored qualified suppliers to be invited to tender. Once the framework has been awarded, each individual Fund will run their own further competition between the successful suppliers on the framework when each individual requirement arises The overall estimate contract spend of PS7,236,000 is the estimated spend over the life time of the framework and it is unknown how much will be awarded to each supplier as this will be determined by each further competitions when an individual need arises
Notice Details
Publication & Lifecycle
- Open Contracting ID
- ocds-h6vhtk-03928d
- Publication Source
- Find A Tender Service
- Latest Notice
- https://www.find-tender.service.gov.uk/Notice/034571-2023
- Current Stage
- Award
- All Stages
- Tender, Award
Procurement Classification
- Notice Type
- Tender Notice
- Procurement Type
- Framework
- Procurement Category
- Services
- Procurement Method
- Selective
- Procurement Method Details
- Competitive procedure with negotiation
- Tender Suitability
- Not specified
- Awardee Scale
- Large, SME
Common Procurement Vocabulary (CPV)
- CPV Divisions
66 - Financial and insurance services
-
- CPV Codes
66000000 - Financial and insurance services
Notice Value(s)
- Tender Value
- £7,236,000 £1M-£10M
- Lots Value
- £7,236,000 £1M-£10M
- Awards Value
- Not specified
- Contracts Value
- £7,236,000 £1M-£10M
Notice Dates
- Publication Date
- 22 Nov 20232 years ago
- Submission Deadline
- 20 Jan 2023Expired
- Future Notice Date
- Not specified
- Award Date
- 29 Sep 20232 years ago
- Contract Period
- Not specified - Not specified
- Recurrence
- Not specified
Notice Status
- Tender Status
- Complete
- Lots Status
- Cancelled
- Awards Status
- Active
- Contracts Status
- Active
Buyer & Supplier
Contracting Authority (Buyer)
- Main Buyer
- WIRRAL BOROUGH COUNCIL
- Additional Buyers
- Contact Name
- Not specified
- Contact Email
- employersupport@gmpf.org.uk, mpfadmin@wirral.gov.uk, pensions@wypf.org.uk, tenders@wirral.gov.uk
- Contact Phone
- +44 1516062002
Buyer Location
- Locality
- WALLASEY
- Postcode
- CH44 8ED
- Post Town
- Chester
- Country
- England
-
- Major Region (ITL 1)
- TLD North West (England)
- Basic Region (ITL 2)
- TLD7 Merseyside
- Small Region (ITL 3)
- TLD74 Wirral
- Delivery Location
- TLD74 Wirral
-
- Local Authority
- Wirral
- Electoral Ward
- Seacombe
- Westminster Constituency
- Wallasey
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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