Award

Investment Front Office Software System

THE CITY OF EDINBURGH COUNCIL

This public procurement record has 2 releases in its history.

Award

11 Oct 2017 at 00:00

Tender

08 Sep 2017 at 00:00

Summary of the contracting process

The City of Edinburgh Council is seeking proposals for an "Investment Front Office Software System" aimed at enhancing the operational efficiency of the Lothian Pension Fund, which manages approximately GBP 7 billion in assets for over 80,000 members. The procurement process is currently at the active tender stage, with submissions accepted until 10th October 2017 at 12:00 PM, after which bids will be opened at 12:30 PM the same day. This project falls under the services category and is located in Edinburgh, Scotland, utilising an open procurement method that allows for a wide range of suppliers to participate.

This tender presents a significant opportunity for software development and IT service companies specializing in investment management solutions, particularly those familiar with regulatory compliance requirements set by the Financial Conduct Authority. Businesses that can demonstrate expertise in creating comprehensive trading and portfolio management tools, as well as those equipped to integrate electronic systems into existing manual processes, are well-suited to compete for this contract. The potential for collaboration with other local government pension schemes also enhances the attractiveness of this procurement for prospective bidders.

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Notice Title

Investment Front Office Software System

Notice Description

The City of Edinburgh Council is administering authority of the Local Government Pension Scheme in Scotland for the Lothian area. Lothian Pension Fund (LPF) carries out specialist activities of investing assets (approximately GBP 7bn) and administering benefits of three funds on behalf of over 100 contributing employers and over 80,000 members. As part of the delivery of investment services, internal portfolio managers undertake equity and bond dealing regularly. This is currently managed using a fully manual system utilising Microsoft Excel Spreadsheets. Having adequate internal systems and controls is a requirement of the Financial Conduct Authority (FCA), particularly in the case of Lothian Pension Fund's regulated investment company, LPFI Limited. LPF therefore requires an effective and fully functioning 'Investment Front Office Software System' in order to ensure the efficiency of its investment management function, whilst at the same time satisfying regulatory requirements.

Lot Information

Lot 1

The City of Edinburgh Council (The Council) is the administering authority of the Local Government Pension Scheme (LGPS) in Scotland for the Lothian area. Lothian Pension Fund (LPF), which is not a separate legal entity from the Council, carries out the specialist activities of investing the assets (approximately GBP 7bn) and administering the benefits of three funds - Lothian Pension Fund, Lothian Buses Pension Fund and Scottish Homes Pension Fund - on behalf of over 100 contributing employers and over 80,000 members. LPF also collaborates with other LGPS funds on various projects and it is anticipated that this collaborative activity will continue into the future. As part of the delivery of investment services to LPF, the internal portfolio managers undertake equity and bond dealing regularly. This is currently managed using a fully manual system utilising Microsoft Excel Spreadsheets. Dealing activity amounts to several hundred million pounds in a typical year. Collaboration with other LGPS funds increases complexity and regulatory requirements increase the compliance and oversight burden, which means that a fully featured trading and portfolio tracking tool should help to mitigate risk and improve efficiency. Annual trading volumes for LPF internal portfolios have typically ranged between 1,000 - 2,000 trades (per annum) for internal equity portfolios, and 100 - 200 bond trades (per annum) for internal bond portfolios. Typical maximum trading volume figures on a per day basis are 200 trades per day for equities, and 50 trades per day for bonds. Note that these figures are indicative only and may be subject to change in future. Having adequate internal systems and controls is a requirement of the Financial Conduct Authority (FCA), particularly in the case of Lothian Pension Fund's regulated investment company, LPFI Limited.

Renewal: The Council intends to award a contract for delivery of the service for an initial period of 4 years. Subject to satisfactory performance and potential future requirements, the Council may wish to extend delivery of the contract for up to 3 additional periods of 1 year each (a total of up to 3 additional years).

Publication & Lifecycle

Open Contracting ID
ocds-r6ebe6-0000511162
Publication Source
Public Contracts Scotland
Latest Notice
https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=OCT298182
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
OJEU - F3 - Contract Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems


CPV Codes

48100000 - Industry specific software package

48411000 - Investment management software package

48441000 - Financial analysis software package

48442000 - Financial systems software package

Notice Value(s)

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

Notice Dates

Publication Date
11 Oct 20178 years ago
Submission Deadline
10 Oct 2017Expired
Future Notice Date
Not specified
Award Date
11 Oct 20178 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Unsuccessful
Lots Status
Unsuccessful
Awards Status
Unsuccessful
Contracts Status
Not Specified

Contracting Authority (Buyer)

Main Buyer
THE CITY OF EDINBURGH COUNCIL
Contact Name
Paul Bell, Shane Newell
Contact Email
paul.bell@edinburgh.gov.uk, shane.newell@edinburgh.gov.uk
Contact Phone
+44 1314693922, +44 1315294569

Buyer Location

Locality
EDINBURGH
Postcode
EH8 8BG
Post Town
Edinburgh
Country
Scotland

Major Region (ITL 1)
TLM Scotland
Basic Region (ITL 2)
TLM1 East Central Scotland
Small Region (ITL 3)
TLM13 City of Edinburgh
Delivery Location
TLM75 City of Edinburgh

Local Authority
City of Edinburgh
Electoral Ward
City Centre
Westminster Constituency
Edinburgh East and Musselburgh

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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