Pension services

Tender description

Norfolk County Council, on its own behalf and on behalf of Bedford Borough Council, Carmarthenshire, Derbyshire and Suffolk County Councils, Brunel Pensions Partnership, and the London CIV (the ‘Founding Authorities’) has let a multi-lot, multi-provider framework agreement for the provision of Transition Management Services primarily in support of the Local Government Pension Scheme (LGPS). To provide a wide range of services in relation to Transition and Implementation Services, including but not limited to: — provision of strategic transition planning advice to clients including where economies of scale might best be obtained, risk minimised and returns maintained or enhanced during transition, — provision of transition risk analysis and risk management advice, — provision of project management support throughout the transition process, — provision of transition management services to a new manager with the same destination portfolio (e.g. UK active equity to UK active equity) across a range of asset types, — provision of transition management services to a new manager with a different end mandate (e.g. passive UK equity to global active equity mandate) across a range of asset types, including the ability to manage and or arrange the execution of equities and fixed Income assets, and the ability to instruct execution and/or payments on behalf of the client, — provision of interim portfolio management (for up to 6 months) where changes need to be made at short notice where the target portfolio is not yet known, available for new clients or ready to launch, — the provision of temporary custody where required, — provision of cost-effective foreign exchange management during the transition of overseas assets, including forex hedging and netting where possible/applicable, — provision of assistance in minimising the effects of performance drag from holding cash (for the purposes of managing expenses, cash flows and collateral) during transition through the smart management of cash over a prolonged period, — provision of assistance in the management of cost-effective, high quality execution of transition-related trades through the monitoring/delivery of trading activity, — provision of detailed, transparent transition cost information and, where required, attribution between pool participants, — ability to identify cross-pool efficiency opportunities and willingness to co-operate across LGPS pools as required, — attendance at meetings as required by clients. To provide a wide range of services in relation to Transition Management Services, including but not limited to: — provision of transition management services to a new manager with the same destination portfolio (e.g. UK active equity to UK active equity), — provision of transition management services to a new manager with a different end mandate (e.g. passive UK equity to global active equity mandate), including the ability to manage and or arrange the execution of equities and fixed Income assets, and the ability to instruct execution and/or payments on behalf of the client, — provision of interim portfolio management where changes need to be made at short notice where the target portfolio is not yet known, available for new clients or ready to launch, — provision of cost-effective foreign exchange management during the transition of overseas assets, including forex hedging and netting where possible/applicable, — provision of assistance in minimising the effects of performance drag from holding cash (for the purposes of managing expenses, cash flows and collateral) during transition through the smart management of cash, — provision of assistance in the management of cost-effective, high quality execution of transition-related trades through the delivery of trading activity, — provision of detailed, transparent transition cost information and, where required, attribution between pool participants, — attendance at meetings as required by clients. To provide a wide range of services in relation to Transition Management Advisory Services, including but not limited to: — provision of assistance in the management of cost-effective, high quality execution of transition-related trades through the selection of “best fit” transition managers and monitoring of trading activity, — providing assistance to clients in establishing the appropriate governance and monitoring structure for a transition programme, — provision of strategic transition planning advice to clients including where economies of scale might best be obtained, risk minimised and returns maintained or enhanced during transition, — provision of transition risk analysis and risk management advice, — provision of project management support throughout the transition process, — provision of in-house support during transition management activities, — provision of detailed, transparent transition cost and transition outcome reporting information and, where required, attribution of cost between pool participants, — the ability to undertake independent post transition reviews on behalf of clients, and, where required, represent the client in any required follow-up action, — ability to identify cross-pool efficiency opportunities and willingness to co-operate across LGPS pools as required, — attendance at meetings as required by clients.