Investment Management Agreement (concerning investment management of European Corporate Investment Grade Bonds for the Professional Association LD)

Lønmodtagernes Dyrtidsfond

The object of the tender is to appoint an Investment Manager for handling LD's assets within the European Corporate Investment Grade Bonds mandate. LD is acting on behalf of its fully owned subsidiary ‘Den Professionelle Forening LD’ (‘PLD’), as the main part of LD's portfolio is placed here. The contract will be signed with PLD.
The mandate is a segregated account and the investment style is active.
The size of the mandate (approximately 335 000 000 EUR) covered by this contract notice is indicative due to LD's inability to determine the volume in advance.
The objective is to outperform the benchmark over a time period of 2-3 years with an outperformance of 50-100 bp p.a. Direct duration bets are not allowed. The investment universe consists of European corporate investment grade bonds. The benchmark is BofA Merril Lynch EMU Corporate Index. A more detailed description of the characteristics of the mandate can be found in the questionnaire which can be obtained via the e-mail address mentioned in section I.1).

Deadline

Fristen for modtagelse af bud var på 2014-05-28. Indkøbet blev offentliggjort på 2014-04-28.

Leverandører

Følgende leverandører er nævnt i tildelingsbeslutninger eller andre indkøbsdokumenter:

Hvem? Hvad? Hvor?
Indkøbshistorik
Dato Dokument
2014-04-28 Udbudsbekendtgørelse
2014-11-21 Bekendtgørelse om indgåede kontrakter
Udbudsbekendtgørelse (2014-04-28)
Objekt
Omfanget af udbuddet
Titel: Porteføljeforvaltning
Bekendtgørelsens metadata
Originalsprog: engelsk 🗣️
Dokumenttype: Udbudsbekendtgørelse
Kontraktens art: Tjenesteydelser
Forordning: Den Europæiske Union, med deltagelse af GPA-lande
Fælles glossar for offentlige kontrakter (CPV)
Kode: Porteføljeforvaltning 📦

Procedure
Procedureform: Begrænset udbud
Bud-type: Indsendelse gældende for alle delaftaler
Kriterier for tildeling
Det økonomisk mest fordelagtige bud

Ordregivende myndighed
Identitet
Land: Danmark 🇩🇰
Type af ordregivende myndighed: Offentligretligt organ
Navn på ordregivende myndighed: Lønmodtagernes Dyrtidsfond
Postadresse: Dirch Passers Allé 27, 2. sal
Postnummer: 2000
Postby: Frederiksberg
Kontakt
Internetadresse: http://www.ld.dk 🌏
E-mail: investmentgrade@ld.dk 📧
Telefon: +45 33368900 📞

Reference
Datoer
Afsendelsesdato: 2014-04-28 📅
Tilbudsfrist: 2014-05-28 📅
Offentliggørelsesdato: 2014-04-30 📅
Identifikatorer
Bekendtgørelsesnummer: 2014/S 084-146508
EUT-S-nummer: 84
Yderligere oplysninger
All relevant documents can be obtained via the e-mail address mentioned in section I.1). This includes this contract notice, a pre-qualification guideline, the required questionnaire which must be filled in and returned with the application for pre-qualification, a draft solemn declaration on public obligations and Article 45 situations which can be transferred to the participants company letter, a translated version of the consolidated act no. 336 of 13 May 1997 on Restricting Debtors' Options for Participating in Public Procurement Procedures and on the Amendment of Certain other Acts, and also a dynamic document containing all questions and answers (‘Q & A's’) which may be raised during the tender process. Please, pay attention to the date and time – 28.5.2014 at 13:00 CET – mentioned in IV.3.4) and please, ensure that all questions in the questionnaire are answered properly. LD would like to stress that all communication will be via the in section I.1) mentioned e-mail only. All questions and answers will be sent to all the participating tenderers in anonymous form (via e-mail).
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Objekt
Omfanget af udbuddet
Kort beskrivelse:
The object of the tender is to appoint an Investment Manager for handling LD's assets within the European Corporate Investment Grade Bonds mandate. LD is acting on behalf of its fully owned subsidiary ‘Den Professionelle Forening LD’ (‘PLD’), as the main part of LD's portfolio is placed here. The contract will be signed with PLD.
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The mandate is a segregated account and the investment style is active.
The size of the mandate (approximately 335 000 000 EUR) covered by this contract notice is indicative due to LD's inability to determine the volume in advance.
The objective is to outperform the benchmark over a time period of 2-3 years with an outperformance of 50-100 bp p.a. Direct duration bets are not allowed. The investment universe consists of European corporate investment grade bonds. The benchmark is BofA Merril Lynch EMU Corporate Index. A more detailed description of the characteristics of the mandate can be found in the questionnaire which can be obtained via the e-mail address mentioned in section I.1).
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Antal mulige forlængelser: 2
Tidsramme for efterfølgende kontrakter: 12 måneder
Sted for udførelsen
Hovedsted eller sted for udførelsen: Copenhagen, Denmark.

Juridiske, økonomiske, finansielle og tekniske oplysninger
Betingelser for deltagelse
Egnethed til at udøve det erhverv:
A) A standard solemn declaration on public obligations and Article 45 situations must be signed and provided. Each application for pre-qualification must be accompanied by such a signed solemn declaration on whether the tenderer has complied with its obligations in respect of payment of contributions to social security schemes and in respect of payment of direct and indirect taxes pursuant to the legislation in the country in which the tenderer is established and in Denmark. The declaration must be in accordance with the Danish Consolidated Act no. 336 of 13 May 1997 on Restricting Debtors' Options for Participating in Public Procurement Procedures and on the Amendment of Certain other Acts. Tenderers in a situation as stated in Article 45 (1) and (2), (a)-(d) of the Public Procurement Directive are excluded from participating in the call for tender. As documentation for why a tenderer has not been excluded due to such tenderer's personal situation under Article 45 of the Public Procurement Directive, a tenderer must send a solemn declaration thereof. An English copy of the consolidated act and a draft standard declaration covering both the consolidated act and the situations stated in article 45 can be obtained via the e-mail address mentioned in section I.1).
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B) All participants must fill in the specific questionnaire regarding the pre-qualification, which can be obtained by the e-mail address mentioned in section I.1). The questionnaire includes questions regarding legal requirements and registrations including descriptions of minimum requirements – e.g. questions on registration with a financial regulatory authority – which the participants must fulfill. The questionnaire has to be returned together with the application for pre-qualification.
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Økonomisk og finansiel stilling:
C) All participants must fill in the specific questionnaire regarding the pre-qualification, which can be obtained via the e-mail address mentioned in section I.1). The questionnaire includes questions on economic and financial capacity as well as minimum requirements. The questionnaire has to be returned together with the application for pre-qualification.
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Mindstekrav til niveauet:
The questionnaire does include minimum requirements on economical and financial capacity in section 2 of the questionnaire.
Teknisk og faglig kompetence:
D) All participants must fill in the specific questionnaire regarding the pre-qualification, which can be obtained via the e-mail address mentioned in section I.1).The questionnaire includes questions on technical capacity and experience as well as minimum requirements. The questionnaire must be returned together with the application for pre-qualification.
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Mindstekrav til niveauet:
The questionnaire does include minimum requirements on technical capacity in section 2 of the questionnaire.
Kontraktens udførelse
Den juridiske form, som den sammenslutning af økonomiske aktører, der skal have kontrakten, skal have:
There are no requirements as to the legal form but if the tender is submitted by a consortium, the candidates must assume joint and several liability and appoint a proxy. The detailed obligations in relation to the agreement are stated in the Tender Specification.
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Andre særlige vilkår:
LD is to a wide extent governed by statutes and regulations, including but not limited to (i) the Act on LD Pensions (currently Consolidated Act no. 1156 of 3 October 2007, as amended, and as to be further amended from time to time), (ii) the executive order on the statutes of LD Pensions (Executive Order no. 907 of 20 June 2013) and (iii) the ordinary Danish Acts on public administration and access to public records.
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LD's assets and portfolio are mainly placed in PLD, which currently is organised as a professional association (i.e. a Danish fund structure) in which LD is currently the only member. PLD will during a transitional period continue to be governed by the Danish Investment Associations Act (Consolidated Act no. 333 of 20 March 2013, as amended). As described above, PLD will following its conversion into a capital association constitute a special type of alternative investment fund governed by the applicable rules in the Danish Act on Alternative Investment Fund Managers (currently Act no. 598 of 12 June 2013). For further information, we refer to the webpage: www.retsinfo.dk.
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Udførelsen af tjenesteydelsen er forbeholdt et bestemt erhverv:
Please see above III.1.4 as regards the relevant legislation.
The company which will be selected to undertake the task of providing investment services must provide evidence that its authorisation to provide investment services in Denmark, at least on the date of signature of the agreement, covers portfolio management (in Danish: ‘Skønsmæssig porteføljepleje’) and investment advice (in Danish: ‘Investeringsrådgivning’) on behalf of third parties in Denmark.
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Bidders must, therefore, hold this authorisation on the date of signature of the agreement and must be in a position to provide documentation at that time. The bidder's authorisation to carry out investment services, including portfolio management and investment advice, in Denmark may be obtained by virtue of one of the following regulatory authorities:
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— Either the bidder is established in Denmark and licensed as a Danish securities dealer (i),
— Or the bidder is established in a member state of the European Union (EU) or in a state that is party to the agreement on the European Economic Area (EEA) and is authorised to carry out investment service activities in Denmark on behalf of third-parties on a cross border basis or through a Danish branch (ii),
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— Or the bidder is established in a state which is not a member of the EU and is not a party to the agreement on the EEA, but is authorised to carry out investment service activities in Denmark on behalf of third parties. (iii).

Procedure
Mindste antal ansøgere: 10
Største antal ansøgere: 15
Objektive kriterier for udvælgelse:
LD will on an objective basis make a selection of 10-15 qualified participants in view of the criteria stated under section III.2 of this contract notice and as described in the questionnaire, which can be obtained via the e-mail address mentioned in section I.1).The selection will be based on a weighting of the participant's answers to the questions mentioned in the questionnaire, which thus has to be filled in and returned together with the application for pre-qualification. In the evaluation the following subject will be assigned with a significant weight in the evaluation:
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— A company that has not been sanctioned within its asset management business
— Employees that have not been sanctioned
— A company with focus on European Corporate Investment Grade Bonds in relation to both total AuM and fixed income AuM
— A company with focus on institutional clients
— A solid and well described investment approach with clear identification of alpha sources
— Historical outperformance for the strategy with a benchmark similar to the benchmark stated in the investment guidelines
— A long track record for the proposed strategy
— Stability in the team managing the proposed strategy
— A clear description of how the manager will ensure that the investment guidelines are met.
Sprog
Sprog: engelsk 🗣️

Ordregivende myndighed
Kontakt
Enhed: Lars Wallberg, CFO
Navn: Lønmodtagernes Dyrtidsfond
URL til yderligere oplysninger: http://www.ld.dk 🌏
URL til dokumenter: http://www.ld.dk 🌏
URL til deltagelse: http://www.ld.dk 🌏
E-mail: kfst@kfst.dk 📧

Reference
Datoer
Startdato: 2014-12-01 📅
Slutdato: 2018-11-30 📅
Yderligere oplysninger
All relevant documents can be obtained via the e-mail address mentioned in section I.1). This includes this contract notice, a pre-qualification guideline, the required questionnaire which must be filled in and returned with the application for pre-qualification, a draft solemn declaration on public obligations and Article 45 situations which can be transferred to the participants company letter, a translated version of the consolidated act no. 336 of 13 May 1997 on Restricting Debtors' Options for Participating in Public Procurement Procedures and on the Amendment of Certain other Acts, and also a dynamic document containing all questions and answers (‘Q & A's’) which may be raised during the tender process.
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Please, pay attention to the date and time – 28.5.2014 at 13:00 CET – mentioned in IV.3.4) and please, ensure that all questions in the questionnaire are answered properly.
LD would like to stress that all communication will be via the in section I.1) mentioned e-mail only. All questions and answers will be sent to all the participating tenderers in anonymous form (via e-mail).

Supplerende oplysninger
Gennemgå organ
Navn: Klagenævnet for Udbud
Postadresse: Pakhus, Langelinie Allé 17
Postby: København Ø
Postnummer: 2100
Land: Danmark 🇩🇰
E-mail: klfu@erst.dk 📧
Telefon: +45 35291000 📞
Internetadresse: http://www.klfu.dk 🌏
Oplysninger om frister for klageprocedurer:
Precise information on deadline(s) for lodging appeals: the deadline(s) can be found in ‘Håndhævelsesloven’ (statute no. 492 of the 12th of May 2010, amended the 27th of May 2013):
Appeals must be handed in to Klagenævnet for Udbud before 45 calendar days after the contracting authority has publicly announced a notice in the TED database, that the contract has been signed. The 45 calendar days are calculated from the day after the day of the publication of the notice in TED. When lodging an appeal to Klagenævnet for Udbud the complainant must notify the contracting authority of the appeal and of the alleged infringement. If the appeal is made within the stand still period, the complainant must indicate whether the appeal is requested to be assigned with delaying effect.
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Tjeneste, hvorfra der kan indhentes oplysninger om klageproceduren
Navn: Konkurrence- og Forbrugerstyrelsen, Center for offentlig konkurrence
Postadresse: Carl Jacobsens Vej 35
Postby: Valby
Postnummer: 2500
Telefon: +45 41715000 📞
Internetadresse: http://www.kfst.dk 🌏
Fax: +45 41715100 📠
Kilde: OJS 2014/S 084-146508 (2014-04-28)
Bekendtgørelse om indgåede kontrakter (2014-11-21)
Objekt
Bekendtgørelsens metadata
Dokumenttype: Bekendtgørelse om indgåede kontrakter

Procedure
Bud-type: Finder ikke anvendelse

Reference
Datoer
Afsendelsesdato: 2014-11-21 📅
Offentliggørelsesdato: 2014-11-25 📅
Identifikatorer
Bekendtgørelsesnummer: 2014/S 227-401351
Henviser til bekendtgørelse: 2014/S 84-146508
EUT-S-nummer: 227

Procedure
Kriterier for tildeling
Kriterium: 1. Quality of Service (65)
2. Processes (20)
3. Price (15)

Tildeling af kontrakt
Dato for kontraktindgåelse: 2014-10-31 📅
Navn: AXA Investment Managers SA, parent company of the Investment Manager, AXA Investment Managers Paris SA (AXA IM Paris)
Postadresse: Coeur Défense — Tour B — La Défense 4 100, Esplanade du Général de Gaulle
Postby: Courbevoie
Postnummer: 92400
Land: Frankrig 🇫🇷

Supplerende oplysninger
Gennemgå organ
Oplysninger om frister for klageprocedurer:
The deadline(s) can be found in 'Håndhævelsesloven' (statute no. 492 of 12.5.2010, amended 27.5.2013):
Kilde: OJS 2014/S 227-401351 (2014-11-21)
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Produkter/tjenester:
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