{ "tag": [ "compiled" ], "id": "ocds-h6vhtk-03928d-2023-11-22T14:59:20Z", "date": "2023-11-22T14:59:20Z", "ocid": "ocds-h6vhtk-03928d", "initiationType": "tender", "tender": { "id": "DN645549", "legalBasis": { "id": "32014L0024", "scheme": "CELEX" }, "title": "Equity Overlay / Downside Risk Management", "status": "complete", "classification": { "scheme": "CPV", "id": "66000000", "description": "Financial and insurance services" }, "mainProcurementCategory": "services", "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", "value": { "amount": 7236000, "currency": "GBP" }, "lots": [ { "id": "1", "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", "awardCriteria": { "criteria": [ { "name": "Quality (Written ITT)", "type": "quality", "description": "60" }, { "name": "Quality (Presentation)", "type": "quality", "description": "20" }, { "type": "price", "description": "20" } ] }, "value": { "amount": 7236000, "currency": "GBP" }, "contractPeriod": { "durationInDays": 1440 }, "hasRenewal": false, "secondStage": { "minimumCandidates": 10, "maximumCandidates": 10 }, "submissionTerms": { "variantPolicy": "notAllowed" }, "hasOptions": false, "status": "cancelled" } ], "items": [ { "id": "1", "deliveryAddresses": [ { "region": "UKD74" }, { "region": "UKD74" } ], "relatedLot": "1" } ], "submissionMethod": [ "electronicSubmission" ], "submissionMethodDetails": "https://procontract.due-north.com", "procurementMethod": "selective", "procurementMethodDetails": "Competitive procedure with negotiation", "techniques": { "hasFrameworkAgreement": true, "frameworkAgreement": { "periodRationale": "no maximum, but minimum of 3 - further competition as outlined in tender documentation" } }, "secondStage": { "successiveReduction": true, "noNegotiationNecessary": true }, "coveredBy": [ "GPA" ], "tenderPeriod": { "endDate": "2023-01-20T12:00:00Z" }, "submissionTerms": { "languages": [ "en" ] }, "hasRecurrence": false }, "parties": [ { "id": "GB-FTS-41468", "name": "Wirral Borough Council", "identifier": { "legalName": "Wirral Borough Council" }, "address": { "streetAddress": "Wallasey Town Hall", "locality": "Wallasey", "region": "UKD74", "postalCode": "CH44 8ED", "countryName": "United Kingdom" }, "contactPoint": { "telephone": "+44 1516062002", "email": "tenders@wirral.gov.uk", "faxNumber": "+44 1516063725", "url": "https://procontract.due-north.com" }, "roles": [ "buyer" ], "details": { "url": "http://www.wirral.gov.uk/", "buyerProfile": "http://www.wirral.gov.uk/", "classifications": [ { "scheme": "TED_CA_TYPE", "id": "REGIONAL_AUTHORITY", "description": "Regional or local authority" }, { "scheme": "COFOG", "id": "01", "description": "General public services" } ] } }, { "id": "GB-FTS-71320", "name": "West Yorkshire Pension Fund", "identifier": { "legalName": "West Yorkshire Pension Fund" }, "address": { "streetAddress": "Aldermanbury House", "locality": "West Yorkshire", "region": "UKE4", "postalCode": "BD1 2ST", "countryName": "United Kingdom" }, "contactPoint": { "email": "pensions@wypf.org.uk" }, "roles": [ "buyer" ], "details": { "url": "https://www.wypf.org.uk/" } }, { "id": "GB-FTS-71321", "name": "Greater Manchester Pension Fund", "identifier": { "legalName": "Greater Manchester Pension Fund" }, "address": { "streetAddress": "Guardsman Tony Downes House", "locality": "Manchester", "region": "UKD3", "postalCode": "M43 6SF", "countryName": "United Kingdom" }, "contactPoint": { "email": "employersupport@gmpf.org.uk" }, "roles": [ "buyer" ], "details": { "url": "https://www.gmpf.org.uk/" } }, { "id": "GB-FTS-71322", "name": "Merseyside Pension Fund", "identifier": { "legalName": "Merseyside Pension Fund" }, "address": { "streetAddress": "Castle Chambers", "locality": "Liverpool", "region": "UKD72", "postalCode": "L2 9SH", "countryName": "United Kingdom" }, "contactPoint": { "email": "mpfadmin@wirral.gov.uk" }, "roles": [ "buyer" ], "details": { "url": "https://www.mpfmembers.org.uk/" } }, { "id": "GB-FTS-4500", "name": "Royal Courts of Justice", "identifier": { "legalName": "Royal Courts of Justice" }, "address": { "locality": "London", "postalCode": "WC2A 2LL", "countryName": "United Kingdom" }, "roles": [ "reviewBody" ] }, { "id": "GB-FTS-51663", "name": "Wirral Borough Council", "identifier": { "legalName": "Wirral Borough Council" }, "address": { "streetAddress": "Wallasey Town Hall, Brighton Street", "locality": "Wallasey", "region": "UKD74", "postalCode": "CH44 8ED", "countryName": "United Kingdom" }, "contactPoint": { "telephone": "+44 1516062002", "email": "tenders@wirral.gov.uk" }, "roles": [ "buyer", "centralPurchasingBody" ], "details": { "url": "http://www.wirral.gov.uk/", "buyerProfile": "http://www.wirral.gov.uk/", "classifications": [ { "scheme": "TED_CA_TYPE", "id": "REGIONAL_AUTHORITY", "description": "Regional or local authority" }, { "scheme": "COFOG", "id": "01", "description": "General public services" } ] } }, { "id": "GB-FTS-99032", "name": "Allianz Global Investors", "identifier": { "legalName": "Allianz Global Investors" }, "address": { "streetAddress": "199 Bishopsgate London", "locality": "Greater London", "region": "UKD74", "postalCode": "EC2M 3TY", "countryName": "United Kingdom" }, "roles": [ "supplier" ], "details": { "scale": "large" } }, { "id": "GB-FTS-99033", "name": "AXA Investment Manager", "identifier": { "legalName": "AXA Investment Manager" }, "address": { "streetAddress": "7 Newgate Street", "locality": "Greater London", "region": "UKD74", "postalCode": "EC1A 7NX", "countryName": "United Kingdom" }, "roles": [ "supplier" ], "details": { "scale": "large" } }, { "id": "GB-FTS-99034", "name": "Insight Investment Management", "identifier": { "legalName": "Insight Investment Management" }, "address": { "streetAddress": "160 Queen Victoria Street", "locality": "London", "region": "UKD74", "postalCode": "EC4V 4LA", "countryName": "United Kingdom" }, "roles": [ "supplier" ], "details": { "scale": "large" } }, { "id": "GB-FTS-99035", "name": "Morgan Stanley Investment Management", "identifier": { "legalName": "Morgan Stanley Investment Management" }, "address": { "streetAddress": "25 Cabot Square", "locality": "London", "region": "UKD74", "postalCode": "E14 4QA", "countryName": "United Kingdom" }, "roles": [ "supplier" ], "details": { "scale": "sme" } }, { "id": "GB-FTS-99036", "name": "Schroder Investment Management Limited", "identifier": { "legalName": "Schroder Investment Management Limited" }, "address": { "streetAddress": "1 London Wall Place", "locality": "Greater London", "region": "UKD74", "postalCode": "EC2Y 5AU", "countryName": "United Kingdom" }, "roles": [ "supplier" ], "details": { "scale": "large" } } ], "buyer": { "id": "GB-FTS-51663", "name": "Wirral Borough Council" }, "language": "en", "awards": [ { "id": "034571-2023-DN645549-1", "relatedLots": [ "1" ], "status": "active", "suppliers": [ { "id": "GB-FTS-99032", "name": "Allianz Global Investors" } ] }, { "id": "034571-2023-DN645549-2", "relatedLots": [ "1" ], "status": "active", "suppliers": [ { "id": "GB-FTS-99033", "name": "AXA Investment Manager" } ] }, { "id": "034571-2023-DN645549-3", "relatedLots": [ "1" ], "status": "active", "suppliers": [ { "id": "GB-FTS-99034", "name": "Insight Investment Management" } ] }, { "id": "034571-2023-DN645549-4", "relatedLots": [ "1" ], "status": "active", "suppliers": [ { "id": "GB-FTS-99035", "name": "Morgan Stanley Investment Management" } ] }, { "id": "034571-2023-DN645549-5", "relatedLots": [ "1" ], "status": "active", "suppliers": [ { "id": "GB-FTS-99036", "name": "Schroder Investment Management Limited" } ] } ], "contracts": [ { "id": "034571-2023-DN645549-1", "awardID": "034571-2023-DN645549-1", "status": "active", "value": { "amount": 7236000, "currency": "GBP" }, "dateSigned": "2023-09-30T00:00:00+01:00" }, { "id": "034571-2023-DN645549-2", "awardID": "034571-2023-DN645549-2", "status": "active", "value": { "amount": 7236000, "currency": "GBP" }, "dateSigned": "2023-09-30T00:00:00+01:00" }, { "id": "034571-2023-DN645549-3", "awardID": "034571-2023-DN645549-3", "status": "active", "value": { "amount": 7236000, "currency": "GBP" }, "dateSigned": "2023-09-30T00:00:00+01:00" }, { "id": "034571-2023-DN645549-4", "awardID": "034571-2023-DN645549-4", "status": "active", "value": { "amount": 7236000, "currency": "GBP" }, "dateSigned": "2023-09-30T00:00:00+01:00" }, { "id": "034571-2023-DN645549-5", "awardID": "034571-2023-DN645549-5", "status": "active", "value": { "amount": 7236000, "currency": "GBP" }, "dateSigned": "2023-09-30T00:00:00+01:00" } ], "bids": { "statistics": [ { "id": "1", "measure": "bids", "relatedLot": "1", "value": 10 }, { "id": "2", "measure": "bids", "relatedLot": "1", "value": 10 }, { "id": "3", "measure": "bids", "relatedLot": "1", "value": 10 }, { "id": "4", "measure": "bids", "relatedLot": "1", "value": 10 }, { "id": "5", "measure": "bids", "relatedLot": "1", "value": 10 } ] } }