The Investment Management Consultancy Services Framework went live in November 2022 and will be available for Further Competition and Direct Award until 31st October 2026. Contracts awarded under the Framework may be let up for a maximum contract length of seven years and up to 31st October 2033 at the latest.
Timeline
Tender published11 April 2022
Submission date30 August 2022
Award published24 October 2022
Contract start date1 November 2022
Contract expiry date31 October 2026in 2 months
Lots (4)
23 suppliers across 4 lots
Investment Consultancy Services
7 suppliers
To provide a wide range of advisory services in relation to investment management support
services, including, but not limited to:
• Review of investment strategy including but not limited to:
Strategic and tactical asset allocation to include a full range of asset classes including
alternative investments and emerging products and services;
Investment beliefs;
The use of overlays;
Risk appetite and budgeting
Setting appropriate performance targets and benchmarks;
Access to research and technical information provision e.g. technical information
underpinning ALM model;
• Working with the Fund Actuary to undertake asset liability modelling as required;
• Working with the Fund Actuary on an on-going basis in respect of the integrated
management of fund assets and liabilities;
• advising on the Investment Strategy Statement/Statement of Investment Principles (NI/
Scotland) and other statutory policy or reporting requirements including monitoring,
reporting and assessment of investment management service providers;
• provision of Quarterly Performance Monitoring and Reporting as required;
• Advice on the implementation of Investment Strategy Statement/ Statement of Investment
Principles (NI/Scotland);
• advising on and/or preparation of the Pension Fund Annual Report and other statutory
reporting requirements;
• advising the Fund on all policies and guidance with regards to Responsible Investment and
Stewardship policies which set how Social, Environmental and corporate governance
considerations are taken into account in the selection, non-selection, retention and
realisation of investments on the exercise of the rights (including voting rights attached to
investments);
where appropriate to take into consideration wider ESG issues when relevant to the advice
being provided;
• advising on the investment market and solutions (at a strategic and fund investment strategy
level) based upon the application of current market intelligence (or advising on investment
markets and the outlook for different asset classes);
• attend meetings and provide training to members of the pensions committee, local pension
boards, officers etc. in support of maintaining high standards of investment governance;
• review and selection of Additional Voluntary Contributions providers;
• matters in connection with LGPS asset management restructuring (“asset pooling”)
Manager/Fund Search, Selection, Monitoring and Review Services
7 suppliers
To provide a wide range of advisory services in relation to the appointment of investment
management support services, including, but not limited to:
• Providing market-wide advice on the range of managers/funds with the capability to
undertake specific portfolio management and other ancillary services;
• supporting clients with investment manager or other investment related services;
• undertaking investment manager or other investment-related services, assessment and
selection on behalf of clients;
• supporting clients in the procurement of, and fee level and structure negotiations with,
service providers;
• undertaking investment manager performance monitoring and review on behalf of
clients; providing access to manager research;
• providing views and ongoing monitoring of investment managers capabilities from an
environmental, social and governance perspective;
• provision of support, training and attendance at meetings as required by clients;
individual Portfolio reviews – including performance objectives, risk and cost
Investment Management Consultancy Related Specialist Services
7 suppliers
To undertake a wide range of discrete pieces of specialist, investment –related work, including,
but not limited to:
• matters in connection with LGPS Investment Pooling Arrangements;
• FCA authorisation and Variation of Permissions;
• regulatory compliance advice and review services;
• regulatory change advice and implementation services;
• development and integration of investment management operating models changes
or enhancements;
• development, review and implementation of investment risk management strategy;
• delivery / implementation of IT infrastructure investment solutions;
• reviews of fund policy statements (ISS/SIP, RI statements etc.);
• individual Portfolio reviews – including performance objectives, risk and cost and ESG
matters;
• investment research, modelling and analytics;
• advising on RI and stewardship policies, styles and tools across any or all asset classes
and the implementation of RI and stewardship strategies;
• review and selection of Additional Voluntary Contributions providers and associated
funds;
• support of processes and compliance with regulatory requirements pertaining to its
operation as an authorised entity;
• undertaking or supporting custody/administrator /back-office investment management;
• infrastructure search and review, assessment and selection on behalf of clients;
• assist with the appointment of a Transition Manager and the post and pre trade reporting and analysis;
• enhanced, independent manager analysis, monitoring and review services;
• advice on ESG risk including modelling and reporting;
• support with reporting as required under TCFD (Task Force on Climate-related Financial Disclosures);
• providing transition advice in relation to the switching or movement of assets and/or the restructuring of portfolios;
• advice on Performance Measurement and Attribution solutions and services;
• advice on Climate scenario analysis and impact on portfolio;
• provision of Consultancy services for strategic policy advice and modelling a pension plan’s
assets, liabilities, and policy instruments;
• provision of Economic Scenario Analysis.
Investment Management Cost Monitoring and Reporting Services
2 suppliers
To provide:
• The on-going collation of client investment management cost data from all relevant
sources (including but not limited to the client, their custodian and their asset managers
as required) at a level of detail consistent with best practice on investment management
cost transparency (e.g. guidance as issued from time to time by CIPFA, the LGPS Scheme
Advisory Board, the IMA and other leading industry bodies);
• the analysis of such data to provide year-on-year comparable investment management
cost data, benchmarked across the LGPS and other relevant UK and global comparators;
• annual reporting of investment management cost outcomes to the client;
• the maintenance of all historical client data;
• attendance at meetings as required by clients.
Call-offs from Investment Management Consultancy Services 2022
Awarded contracts called off from this framework agreement.
