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Investment Front Office Software System

The City of Edinburgh Council

This public procurement record has 2 releases in its history.

Award

16 Jan 2019 at 00:00

OJEU - F3 - Contract Award Notice
Tender

24 Oct 2017 at 01:00

OJEU - F2 - Contract Notice
Summary of the contracting process

The City of Edinburgh Council is currently engaged in a public procurement process for an 'Investment Front Office Software System' within the services industry, located in Edinburgh, UK. This open procurement method allows for multiple suppliers to submit bids, with the tender having a deadline for submissions on 23 November 2017. This project aims to enhance the operational efficiency of the Lothian Pension Fund, which manages approximately GBP 7 billion in assets, and outlines the necessity for robust systems to comply with Financial Conduct Authority regulations.

This tender offers significant opportunities for technology firms specialising in financial software solutions, data management, and compliance systems. Businesses that can deliver a comprehensive trading and portfolio management application will be well-positioned to compete, especially those experienced in the public sector and able to meet rigorous regulatory requirements. With the possibility of extending service contracts based on performance, this is an ideal avenue for companies aiming to establish long-term relationships within the public sector.

How relevant is this notice?

Notice Information

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).

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-r6ebe6-0000516388
Publication Source
Public Contracts Scotland
Latest Notice
https://www.publiccontractsscotland.gov.uk/search/show/search_view.aspx?ID=JAN342454
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
Large

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
£3,259,369 £1M-£10M

Notice Dates

Publication Date
16 Jan 20197 years ago
Submission Deadline
23 Nov 2017Expired
Future Notice Date
Not specified
Award Date
27 Dec 20187 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Complete
Awards Status
Not Specified
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
The City of Edinburgh Council
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
EDINBURGH
Postcode
EH8 8BG
Postcode Area
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

Supplier Information

Number of Suppliers
1
Supplier Name

Charles River Development

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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