Pension fund management services

Tender description

Glasgow City Council is seeking to appoint an investment manager for an Active Emerging Market Debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. Pooled and segregated mandates will be considered. The proposed mandate size is up to 250 000 000 GBP. Glasgow City Council reserves the right to alter the value and coverage of the mandate both initially and over the period of the mandate. The mandate will invest in a range of emerging market debt categories, including local and hard currency sovereigns and corporates. There will be no minimum restrictions on asset categories within the diversified mandate. The aim is to achieve meaningful returns above a blended benchmark return. The return target of the mandate will be subject to discussion however returns will be expected to be generated from asset allocation, duration and currency positions. Glasgow City Council is seeking to appoint an investment manager for an Active Emerging Market Debt mandate. Managers and proposed mandates will need to be able to comply with LGPS regulations. Pooled and segregated mandates will be considered. The proposed mandate size is up to 250 000 000 GBP. Glasgow City Council reserves the right to alter the value and coverage of the mandate both initially and over the period of the mandate. The mandate will invest in a range of emerging market debt categories, including local and hard currency sovereigns and corporates. There will be no minimum restrictions on asset categories within the diversified mandate. The aim is to achieve meaningful returns above a blended benchmark return. The return target of the mandate will be subject to discussion however returns will be expected to be generated from asset allocation, duration and currency positions. ESPD means the European Single Procurement Document referred to in regulation 59(1) of the Public Contracts (Scotland) Regulations 2015. The following minimum standards are required for this search: — Tenderers must be registered in terms of the Financial Services and Markets Act 2000, or equivalent law of European Economic Area (EEA) member state to manage the assets of occupational pension funds; — Tenderers must be able to comply with appropriate Local Government Pension Scheme (‘LGPS’) regulations; — Tenderers must provide satisfactory answers to the questions asked in the Council Questions section of the ESPD; — Tenderers must have a minimum track record for the Emerging Market Debt mandate of 5 years; — The preferred approach would be to invest through a segregated mandate. However, the approach must comply with the requirements of the LGPS regulations and as such a pooled fund or bespoke mandate within a pooled wrapper would be considered. Candidates are asked to confirm that they are able to offer an approach which meets with the LGPS regulatory requirements.