Banking and investment services

Tender description

Hampshire County Council is awarding a contract for a Real Estate Investment Manager with the required level of experience and skill to deliver high quality risk-adjusted returns, in a direct portfolio of UK property assets. Please Note: The client appointed MJ Hudson Allenbridge who provided advice on the Invitation to Tender. MJ Hudson Allenbridge was also on the evaluation panel. The value of the Contract is the estimated value of fees and not the value of the assets managed. Background: Hampshire Pension Fund (HPF) is part of the national Local Government Pension Scheme (LGPS) and was set up to provide pensions and retirement benefits for local government employees of Hampshire County Council. The Hampshire Pension Fund provides pensions for employees of over 300 organisations under the Local Government Pension Scheme (LGPS), including Hampshire County Council (the ‘Authority’), the unitary authorities of Southampton and Portsmouth and the 11 district/borough councils in the Hampshire county area. On 31 March 2020 there were a total of 178 000 scheme members. The Pension Fund was valued at GBP 6.9 bn at its last financial year end in March 2020 and has a strategic asset allocation to UK property of 10.0 %. The Pension Fund intends to appoint one investment manager with the required level of experience and skill to deliver high quality risk-adjusted returns, in a direct portfolio of UK property assets. Term and Termination: The term of the IMA is indefinite, with no lock-in period and will terminate in accordance with the termination provisions. The notice period for termination should be as follows: — for no-fault termination, the Authority should be able to terminate the IMA by not more than one month's notice. At least 6 months' notice should be required for the manager to terminate. Due to the illiquidity of some of the permissible investments, the IMA should also provide that where the IMA is terminated, the manager will cease to have discretion to make further investments. — where the manager breaches the IMA, the Authority may by written notice terminate the Agreement immediately, or within 14 days of the breach where the breach is remediable and has not been remedied. — the Authority may terminate the IMA immediately on written notice where the manager is subject to an insolvency event or ceases to be appropriately authorised. Please Note: The Client appointed MJ Hudson Allenbridge who has provided advice on the Invitation to Tender. MJ Hudson Allenbridge was also be on the evaluation panel. The value of the contract is the estimated value of fees and not the value of the assets managed.