Provision of Global Custody Services

Tender description

The London Borough of Enfield (the “Council”) is seeking to appoint a provider to supply Global Custody Services for the London Borough of Enfield Pension Fund. The Council is undertaking a further competition through the Norfolk County Council LGPS framework. The Local Government Pension Scheme (LGPS) is a national scheme administered on a local basis by the London Borough of Enfield. The Fund provides current and future benefits for 18,035 scheme members. As at 31st March 2015, membership numbers were: Active members 7,090 Pensioner members 4,675 Deferred members 4,850 Frozen/Undecided 1,420 Total membership 18,035 The value of the Fund at 31st March 2015 was £888 million and the Fund is managed with regard to a strategic asset allocation benchmark. The actual allocation at any point in time reflects the decisions and views of the Fund’s investment managers and the movement of financial markets. The Invitation to further competition (“ITFC”) will be conducted to enable the Authority to select a single suitably experienced and capable supplier to provide to the following services to the Fund: Global Custody Services (i) Safekeeping of assets in a range of global markets. (ii) Trade settlement. (iii) Tax reclaims. (iv) Corporate actions instruction and collection. (v) Proxy voting facilitation. (vi) Foreign exchange services. (vii) Cash management. (viii) Investment accounting meeting investment accountancy standards. (ix) On-line reporting. (x) Performance measurement. (xi) Passive currency hedging. (xii) Stock Lending. (xiii) Accounting for alternative assets. (xiv) Other asset administration services which may arise from time to time. Keywords: Framework Further Competition, Norfolk County Council LGPS, Custody, Management, Financial, Trusts