Hysbysiad dyfarnu contract
Canlyniadau'r weithdrefn gaffael
Adran I:
Endid
contractio
I.1) Enw a chyfeiriad
Wirral Borough Council
Wallasey Town Hall, Brighton Street
Wallasey
CH44 8ED
UK
Ffôn: +44 1516062002
E-bost: tenders@wirral.gov.uk
NUTS: UKD74
Cyfeiriad(au) rhyngrwyd
Prif gyfeiriad: http://www.wirral.gov.uk/
Cyfeiriad proffil y prynwr: http://www.wirral.gov.uk/
I.2) Caffael ar y cyd
Caiff y contract ei ddyfarnu gan gorff prynu canolog
I.4) Y math o awdurdod contractio
Awdurdod rhanbarthol neu leol
I.5) Prif weithgaredd
Gwasanaethau cyhoeddus cyffredinol
Adran II: Gwrthrych
II.1) Cwmpas y caffaeliad
II.1.1) Teitl
Equity Overlay / Downside Risk Management
Cyfeirnod: DN645549
II.1.2) Prif god CPV
66000000
II.1.3) Y math o gontract
Gwasanaethau
II.1.4) Disgrifiad byr
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 £46bn. 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 £7,236,000 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
II.1.6) Gwybodaeth am lotiau
Mae’r contract hwn wedi’i rannu’n lotiau:
Na
II.1.7) Cyfanswm gwerth y caffaeliad
Gwerth heb gynnwys TAW: 7 236 000.00 GBP
II.2) Disgrifiad
II.2.3) Man cyflawni
Cod NUTS:
UKD74
II.2.4) Disgrifiad o’r caffaeliad
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 £46bn. 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 £7,236,000 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
II.2.5) Meini prawf dyfarnu
Maes prawf ansawdd: Quality (Written ITT)
/ Pwysoliad: 60
Maes prawf ansawdd: Quality (Presentation)
/ Pwysoliad: 20
Price
/ Pwysoliad:
20
II.2.11) Gwybodaeth am opsiynau
Opsiynau:
Na
II.2.13) Gwybodaeth am Gronfeydd yr Undeb Ewropeaidd
Mae'r broses gaffael yn gysylltiedig â phrosiect a/neu raglen a ariennir gan gronfeydd yr Undeb Ewropeaidd:
Na
Section IV: Gweithdrefn
IV.1) Disgrifiad
IV.1.1) Y math o weithdrefn
Gweithdrefn gystadleuol gyda negodi
IV.1.3) Gwybodaeth am gytundeb fframwaith neu system brynu ddynamig
Mae’r caffaeliad yn golygu y caiff cytundeb fframwaith ei sefydlu
IV.1.8) Gwybodaeth am Gytundeb Caffael y Llywodraeth (GPA)
The procurement is covered by the Government Procurement Agreement:
Ydy
IV.2) Gwybodaeth weinyddol
IV.2.1) Cyhoeddiad blaenorol mewn perthynas â’r weithdrefn hon
Rhif yr hysbysiad yn OJ S:
2022/S 000-035897
Section V: Dyfarnu contract
Rhif Contract: DN645549
Dyfernir contract/lot:
Ydy
V.2 Dyfarnu contract
V.2.1) Y dyddiad y daeth y contract i ben
30/09/2023
V.2.2) Gwybodaeth am dendrau
Nifer y tendrau a ddaeth i law: 10
Dyfarnwyd y contract i gr?p o weithredwyr economaidd:
Na
V.2.3) Enw a chyfeiriad y contractwr
Allianz Global Investors
199 Bishopsgate London
Greater London
EC2M 3TY
UK
NUTS: UKD74
BBaCh yw’r contractwr:
Na
V.2.4) Gwybodaeth am werth y contract/lot (heb gynnwys VAT)
Cyfanswm gwerth y contract/lot: 7 236 000.00 GBP
V.2.5) Gwybodaeth am is-gontractio
Section V: Dyfarnu contract
Rhif Contract: DN645549
Dyfernir contract/lot:
Ydy
V.2 Dyfarnu contract
V.2.1) Y dyddiad y daeth y contract i ben
30/09/2023
V.2.2) Gwybodaeth am dendrau
Nifer y tendrau a ddaeth i law: 10
Dyfarnwyd y contract i gr?p o weithredwyr economaidd:
Na
V.2.3) Enw a chyfeiriad y contractwr
AXA Investment Manager
7 Newgate Street
Greater London
EC1A 7NX
UK
NUTS: UKD74
BBaCh yw’r contractwr:
Na
V.2.4) Gwybodaeth am werth y contract/lot (heb gynnwys VAT)
Cyfanswm gwerth y contract/lot: 7 236 000.00 GBP
V.2.5) Gwybodaeth am is-gontractio
Section V: Dyfarnu contract
Rhif Contract: DN645549
Dyfernir contract/lot:
Ydy
V.2 Dyfarnu contract
V.2.1) Y dyddiad y daeth y contract i ben
30/09/2023
V.2.2) Gwybodaeth am dendrau
Nifer y tendrau a ddaeth i law: 10
Dyfarnwyd y contract i gr?p o weithredwyr economaidd:
Na
V.2.3) Enw a chyfeiriad y contractwr
Insight Investment Management
160 Queen Victoria Street
London
EC4V 4LA
UK
NUTS: UKD74
BBaCh yw’r contractwr:
Na
V.2.4) Gwybodaeth am werth y contract/lot (heb gynnwys VAT)
Cyfanswm gwerth y contract/lot: 7 236 000.00 GBP
V.2.5) Gwybodaeth am is-gontractio
Section V: Dyfarnu contract
Rhif Contract: DN645549
Dyfernir contract/lot:
Ydy
V.2 Dyfarnu contract
V.2.1) Y dyddiad y daeth y contract i ben
30/09/2023
V.2.2) Gwybodaeth am dendrau
Nifer y tendrau a ddaeth i law: 10
Dyfarnwyd y contract i gr?p o weithredwyr economaidd:
Na
V.2.3) Enw a chyfeiriad y contractwr
Morgan Stanley Investment Management
25 Cabot Square
London
E14 4QA
UK
NUTS: UKD74
BBaCh yw’r contractwr:
Ydy
V.2.4) Gwybodaeth am werth y contract/lot (heb gynnwys VAT)
Cyfanswm gwerth y contract/lot: 7 236 000.00 GBP
V.2.5) Gwybodaeth am is-gontractio
Section V: Dyfarnu contract
Rhif Contract: DN645549
Dyfernir contract/lot:
Ydy
V.2 Dyfarnu contract
V.2.1) Y dyddiad y daeth y contract i ben
30/09/2023
V.2.2) Gwybodaeth am dendrau
Nifer y tendrau a ddaeth i law: 10
Dyfarnwyd y contract i gr?p o weithredwyr economaidd:
Na
V.2.3) Enw a chyfeiriad y contractwr
Schroder Investment Management Limited
1 London Wall Place
Greater London
EC2Y 5AU
UK
NUTS: UKD74
BBaCh yw’r contractwr:
Na
V.2.4) Gwybodaeth am werth y contract/lot (heb gynnwys VAT)
Cyfanswm gwerth y contract/lot: 7 236 000.00 GBP
V.2.5) Gwybodaeth am is-gontractio
Section VI: Gwybodaeth ategol
VI.4) Gweithdrefnau adolygu
VI.4.1) Corff adolygu
Royal Courts of Justice
London
WC2A 2LL
UK
VI.5) Dyddiad anfon yr hysbysiad hwn
22/11/2023