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Notice Details

Title: Investment Front Office Software System
Reference No: SEP294988
OCID: ocds-r6ebe6-0000511162
Published by: The City of Edinburgh Council
Publication Date: 11/09/2017
Deadline Date: Cancelled
Deadline Time:
Notice Type: 02 Contract Notice
Has Documents: Yes
Has ESPD: No
Abstract: 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.
CPV: 48100000, 48411000, 48441000, 48442000.

Contract notice

Directive 2014/24/EU - Public Sector Directive

Section I: Contracting Change authority

I.1) Name and addresses

The City of Edinburgh Council

Waverley Court, 4 East Market Street

Edinburgh

EH8 8BG

UK

Contact person: Brian McCreadie

Telephone: +44 1315292160

E-mail: brian.mccreadie@edinburgh.gov.uk

NUTS: UKM75

Internet address(es)

Main address: http://www.edinburgh.gov.uk

Address of the buyer profile: http://www.publiccontractsscotland.gov.uk/search/Search_AuthProfile.aspx?ID=AA00290

I.3) Communication

The procurement documents are available for unrestricted and full direct access, free of charge at:

https://www.publiccontractsscotland.gov.uk


Additional information can be obtained from the abovementioned address


Tenders or requests to participate must be sent electronically to:

https://www.publiccontractsscotland.gov.uk


Electronic communication requires the use of tools and devices that are not generally available. Unrestricted and full direct access to these tools and devices is possible, free of charge, at:

https://www.publiccontractsscotland.gov.uk


I.4) Type of the contracting authority

Regional or local authority

I.5) Main activity

General public services

Section II: Object

II.1) Scope of the procurement

II.1.1) Title

Investment Front Office Software System

Reference number: CT2251

II.1.2) Main CPV code

48100000

 

II.1.3) Type of contract

Services

II.1.4) Short 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.

II.1.6) Information about lots

This contract is divided into lots: No

II.2) Description

II.2.2) Additional CPV code(s)

48411000

48441000

48442000

II.2.3) Place of performance

NUTS code:

UKM75


Main site or place of performance:

Edinburgh,Scotland.

II.2.4) Description of the procurement

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.

II.2.5) Award criteria

Price is not the only award criterion and all criteria are stated only in the procurement documents

II.2.7) Duration of the contract, framework agreement or dynamic purchasing system

Duration in months: 84

This contract is subject to renewal: Yes

Description of renewals:

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).

II.2.9) Information about the limits on the number of candidates to be invited

II.2.10) Information about variants

Variants will be accepted: No

II.2.11) Information about options

Options: No

II.2.13) Information about European Union funds

The procurement is related to a project and/or programme financed by European Union funds: No

Section III: Legal, economic, financial and technical information

III.1) Conditions for participation

III.1.2) Economic and financial standing

Selection criteria as stated in the procurement documents


III.1.3) Technical and professional ability

Selection criteria as stated in the procurement documents


III.2) Conditions related to the contract

Section IV: Procedure

IV.1) Description

IV.1.1) Type of procedure

Open procedure

IV.1.8) Information about Government Procurement Agreement (GPA)

The procurement is covered by the Government Procurement Agreement: Yes

IV.2) Administrative information

IV.2.2) Time limit for receipt of tenders or requests to participate

Date: 10/10/2017

Local time: 12:00

IV.2.4) Languages in which tenders or requests to participate may be submitted

EN

IV.2.6) Minimum time frame during which the tenderer must maintain the tender

Tender must be valid until: 09/03/2018

IV.2.7) Conditions for opening of tenders

Date: 10/10/2017

Local time: 12:30

Section VI: Complementary information

VI.1) Information about recurrence

This is a recurrent procurement: No

VI.2) Information about electronic workflows

Electronic ordering will be used

Electronic invoicing will be accepted

Electronic payment will be used

VI.3) Additional information

NOTE: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at http://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=511162.

The buyer has indicated that it will accept electronic responses to this notice via the Postbox facility. A user guide is available at http://www.publiccontractsscotland.gov.uk/sitehelp/help_guides.aspx.

Suppliers are advised to allow adequate time for uploading documents and to dispatch the electronic response well in advance of the closing time to avoid any last minute problems.

(SC Ref:511162)

Download the ESPD document here: http://www.publiccontractsscotland.gov.uk/ESPD/ESPD_Download.aspx?id=511162

VI.4) Procedures for review

VI.4.1) Review body

The City of Edinburgh Council

Waverley Court, 4 East Market Street

Edinburgh

EH8 8BG

UK

Telephone: +44 1314693922

Internet address(es)

URL: http://www.edinburgh.gov.uk

VI.4.2) Body responsible for mediation procedures

The City of Edinburgh Council

Waverley Court, 4 East Market Street

Edinburgh

EH8 8BG

UK

Telephone: +44 1315292160

Internet address(es)

URL: http://www.edinburgh.gov.uk

VI.4.3) Review procedure

Precise information on deadline(s) for review procedures:

A tenderer that suffers loss as a result of a breach of duty under the Public Contracts (Scotland) Regulations 2015 may bring proceedings in the Sheriff Court or the Court of Session. The City of Edinburgh Council (the Council) will have a minimum standstill period of 10 days before awarding the contract. The communication of the award decision notice will be sent by fax or e-mail to all tenderers with the standstill period commencing on the next day. If proceedings are started in the Sheriff Court or the Court of Session against the Council in respect of the decision to award the contract within the standstill period then the Council is prevented from awarding the contract. Post contract award the Sheriff Court or the Court of Session may (1) award damages provided proceedings are brought within 3 months from the date when the grounds for the bringing of the proceedings first arose (2) be entitled to issue an ineffectiveness order or impose a financial penalty on the Council. A claim for an ineffectiveness order must be made within 30 days of the Contract Award Notice being published in the OJEU or within 30 days of the date those who expressed an interest in or otherwise bid for the contract were informed of the conclusion of the contract or in any other case within 6 months from the date on which the contract was entered into.

VI.5) Date of dispatch of this notice

08/09/2017


Information added to the notice since publication.

Additional information added to the notice since it's publication.
DateDetails
20/09/2017 14:27ADDED FILE: Current Process

Document outlining current processes used by LPF
11/10/2017 14:03Notice Cancelled

This notice has been cancelled. The original deadline date of 10/10/2017 is no longer applicable.

No compliant tender bids were received.
Main Contact: brian.mccreadie@edinburgh.gov.uk
Admin Contact: N/a
Technical Contact: N/a
Other Contact: N/a

Commodity Categories

Commodity Categories
IDTitleParent Category
209999other Financial ServicesFinancial Services
271500Services - Information Communication TechnologyInformation Communication Technology
271600SoftwareInformation Communication Technology

Delivery Locations

Delivery Locations
IDDescription
160Edinburgh & Lothians

Document Family

Hide related notices
SEP294988: Investment Front Office Software System
Publication Date: 11/09/2017
Deadline: Cancelled
Notice Type: 02 Contract Notice
Authority name: The City of Edinburgh Council
OCT298182: Investment Front Office Software System
Publication Date: 13/10/2017
Notice Type: 03 Contract Award Notice - Incomplete Procedure
Authority name: The City of Edinburgh Council

Further Instructions

The Buyer has attached further instructions with this notice. Please read these carefully and take the necessary action(s).

Record your interest in this notice and you will be automatically sent clarifications and deadline date changes etc. Please note that recording your interest does not automatically enter you into the tender process for this notice, you still have to submit your response by the deadline stated. To record an interest in this notice and add it to your interests list please click the Record your interest now button at the top of the page.

The awarding buyer has indicated that it will accept electronic responses to this notice via the Tender Submission Postbox facility.

Submit your tender response electronically in a secure environment.

To create an electronic response please click the Record your interest now button at the top of the page.

For more information on the Postbox Facility please refer to the user guide:

Ask the buyer any questions you may have relating to this notice. To ask the buyer a question or questions please click the Record your interest now button at the top of the page.

The following additional documents have been attached to this notice. To obtain these documents please select the individual file names below.

Alternatively, you can download all current documents (Zip File)

Current Documents

CreatedNameDescriptionSizeDownloads
11/09/2017 IFOSS - Specification Document - final v2 Specification Document61.10 KB29
11/09/2017 IFOSS - Instructions to Tenderers - final v2 Instructions to Tenderers65.24 KB19
11/09/2017 IFOSS - T's & C's v1 Terms and Conditions333.50 KB15
11/09/2017 CT2251 - Tenderers Submission Document - final v1.2 Tenderers Submission Document52.96 KB20
11/09/2017 IFOSS - Pricing Schedule v2 Pricing Schedule43.58 KB22
11/09/2017 ESPD v1.9 - IFOSS ESPD Document105.29 KB24
20/09/2017 Current Process Additional Information 20.09.17 Document outlining current processes used by LPF29.84 KB10

Replaced Documents

There are no previous versions of these documents

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