Official UK procurement notice
Custody and Investment Operations Outsourcing Services
Authority: Pension Protection Fund (Public body)
What is being bought
Published requirement descriptionCustody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting and transfer agency services (unitisation). We may also appoint a second/reserve Custodian to manage some of the PPF’s assets, the exact amount is to be confirmed.
CPV: Custody services · Financial market operational services · Financial transaction processing and clearing-house services
The lotProcurement structure
single lot · no lot value publishedLot #1Custody and Investment Operations Outsourcing (IOO) ServicesAwardedRenewal
Custody and Investment Operations Outsourcing (IOO) Services. Custodian Services also include Fund accounting
and transfer agency services (unitisation).
We may also look to appoint a second/reserve Custodian to manage some of the PPF’s assets, the
exact amount is to be confirmed.
The stated value is a current estimate. Our estimated range is between £9m to £53m as we
are aware that the actual value could vary significantly according to a number of potential
factors over the life of the contract. Additional information: Total contract length stated is based on the maximum possible contract term of 10 years. The initial contract term for Custody is 5 years and IOO 3 years. The minimum contract value and maximum contract values are based on the initial contract term and maximum contract term to be spread across the primary and reserve/secondary custodian exact split is unknown at this stage.
What it takes to wini
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Evaluation split and conditions of participation as published; the tender pack may add morei
How this buyer will score bids.
The evaluation criteria and weights exactly as published on the notice, grouped by family (price, quality, social value and so on).
Published sub-criteria (11)
- Custody Service Delivery & Support: 20%
- Custody – Connectivity with PPF Systems and PPF third parties: 10%
- Custody Performance Regime: 10%
- IOO Service Delivery: 15%
- IOO Performance Regime: 10%
- Project mobilisation, implementation and timing: 10%
- Contract: 5%
- Price: 10%
- Price Sensitivity: 5%
- price: 10%
- Carbon Reduction Plan and ESG: 5%
Published award criteria (11)
- Custody Service Delivery & Support: 20%
- Custody – Connectivity with PPF Systems and PPF third parties: 10%
- Custody Performance Regime: 10%
- IOO Service Delivery: 15%
- IOO Performance Regime: 10%
- Project mobilisation, implementation and timing: 10%
- Carbon Reduction Plan and ESG: 5%
- Price: 10%
- Price Sensitivity: 5%
- Contract: 5%
- Price: 10%
- Price carries 25 of 110 points: a 10% discount moves about 2.5 points. The method statement decides this lot, not the discount.
Price arithmetic assumes straight proportional scoring; the tender pack may use another formula.
Procedure terms & legal framework
From the official record- Procedure method
- Competitive procedure with negotiation
- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Services
- Notice status
- Awarded
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Unspecified in notice
- Recurring procurement
- No (one-off requirement)
- First published
- 8 Jun 2021, 22:45 BST
- Last source update
- 15 Dec 2021, 22:45 GMT
- FTS notice number
2021/S 000-031337- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-02b9bcFind a Tender
- Electronic trading
- e-invoicing allowed · electronic payment
- Performance terms
As detailed in tender documents.
How it was run
Official notice- Submission deadline
- 10 Aug 2021, 12:00 BST
- Submission channel
- {"electronicSubmission","written"}
- Accepted languages
- en
Timeline
5 Jul 2021 → 31 Aug 2022 · 5 dates- Next notice expected5 Jul 2021, 00:00 BST
- Invitations to tender expected12 Jul 2021, 00:00 BST
- Submission deadline10 Aug 2021, 12:00 BST
- Notice published15 Dec 2021, 22:45 GMT
- Bids must remain valid until31 Aug 2022, 23:59 BST
Notice history
5 events · 3 releases on Find a Tender · since 12 Jul 2021- Published value published: £53,000,00012 Jul 2021, 22:45 BST
- Status changed to active12 Jul 2021, 22:45 BST
- Procurement method changed12 Jul 2021, 22:45 BST
- Deadline published: 10 Aug 2021, 12:00 BST12 Jul 2021, 22:45 BST
- Status changed to complete15 Dec 2021, 22:45 GMT
Commercial outcome & contract awards
Published awards, contracts and bid statistics, not a forecast| Awarded to | Value | Date | Status |
|---|---|---|---|
| The Northern Trust CompanyCustody and IOO Services | £53,000,000 † | — | Awarded |
| JPMorgan Chase BankReserve/Secondary Custodian | £53,000,000 † | — | Awarded |
Contracts
Custody and IOO Services · The Northern Trust Company
- Signed
- 14 Dec 2021
- Value
- £53,000,000
- Status
- active
Reserve/Secondary Custodian · JPMorgan Chase Bank
- Signed
- 14 Dec 2021
- Value
- £53,000,000
- Status
- active
Bid statistics published by the authority
| Bids | SME | VCSE | Valid bid range |
|---|---|---|---|
| 3bids · 3 electronic | — | — | — |
Contracting authority & participating public bodies
Bidders & participating suppliers
2 commercial parties on the notice- JPMorgan Chase BankAwarded supplier
- The Northern Trust CompanyAwarded supplier
Official documents & specifications (2)
Official links; attachments are not copiedTender pack and attachments
- Economic and financial selection criteria
- Technical selection criteria