LD Pensions’ tender for an Agreement Concerning Investment Management of SMART BETA for Kapitalforening LD

Lønmodtagernes Dyrtidsfond ("LD Pensions")

The object of the tender is to find an Investment Manager to handle LD Pensions’ assets within Multi-factor, high capacity, Smart Beta global equities, including provision of Ancillary services such as delivery of completion advice, and analysis of the factor exposure of LD Pensions’ current and potential future single- and multi-manager equity portfolios.
The size of the mandate covered by this contract notice is indicative due to LD Pensions’ inability to determine the volume in advance. The value of the contract is therefore LD Pensions’ best estimate.

Deadline

Fristen for modtagelse af bud var på 2019-11-05. Indkøbet blev offentliggjort på 2019-10-04.

Leverandører

Følgende leverandører er nævnt i tildelingsbeslutninger eller andre indkøbsdokumenter:

• Goldman Sachs Asset Management International

Hvem?

• Lønmodtagernes Dyrtidsfond ("LD Pensions")

Hvad?

• Porteføljeforvaltning › Forvaltning af pensionsfondsinvesteringer

Hvor?

• Danmark › Hovedstaden

Indkøbshistorik

Dato	Dokument
2019-10-04	Udbudsbekendtgørelse
2020-08-13	Bekendtgørelse om indgåede kontrakter

Udbudsbekendtgørelse (2019-10-04)
Objekt
Omfanget af udbuddet
Titel: Forvaltning af pensionsfondsinvesteringer
Kort beskrivelse:

The object of the tender is to find an Investment Manager to handle LD Pensions’ assets within Multi-factor, high capacity, Smart Beta global equities, including provision of Ancillary services such as delivery of completion advice, and analysis of the factor exposure of LD Pensions’ current and potential future single- and multi-manager equity portfolios. The size of the mandate covered by this contract notice is indicative due to LD Pensions’ inability to determine the volume in advance. The value of the contract is therefore LD Pensions’ best estimate.

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: Forvaltning af pensionsfondsinvesteringer 📦
Yderligere CPV-kode: Porteføljeforvaltning 📦
Sted for udførelsen
NUTS-region: Hovedstaden 🏙️

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 ("LD Pensions")
Postadresse: Dirch Passers Alle 27
Postnummer: 2000
Postby: Frederiksberg
Kontakt
Internetadresse: http://www.ld.dk 🌏
E-mail: kfb@ld.dk 📧
Telefon: +45 33368900 📞
URL til dokumenter: http://eu.eu-supply.com/app/rfq/rwlentrance_s.asp?PID=243632&B=KROMANNREUMERT 🌏
URL til deltagelse: http://eu.eu-supply.com/app/rfq/rwlentrance_s.asp?PID=243632&B=KROMANNREUMERT 🌏

Reference
Datoer
Afsendelsesdato: 2019-10-04 📅
Tilbudsfrist: 2019-11-05 📅
Offentliggørelsesdato: 2019-10-08 📅
Identifikatorer
Bekendtgørelsesnummer: 2019/S 194-471710
EUT-S-nummer: 194

Objekt
Omfanget af udbuddet
Kort beskrivelse:

The size of the mandate covered by this contract notice is indicative due to LD Pensions’ inability to determine the volume in advance. The value of the contract is therefore LD Pensions’ best estimate.

Anslået samlet værdi: 7 000 000 EUR 💰
Kort beskrivelse:

This mandate is long only, and has 2 objectives:

— Deliver long-term exposure to well-rewarded equity factors (risk premia) via investment in a high capacity, Multi-factor strategy (ongoing portfolio management). The Investment Universe is Global, including Emerging Markets. The Product must be provided as a segregated mandate, and Portfolio Construction must be tailored to the needs of LD Pensions by incorporating LD Pensions’ Exclusion List, Tracking Error and other restrictions.

— Delivery of Ancillary Services concerning analyses of LD Pensions’ current and potential future Single- and Multi-manager equity portfolios, using the same factor definitions employed in the Smart Beta mandate.

The size of the mandate covered by this Contract Notice is indicative due to LD Pensions’ inability to determine the volume in advance. It is important that the product has a minimum of 2 billion EUR available capacity at the time of signing the Agreement.

Varighed: 60 måneder
Beskrivelse af fornyelser: 2 x 12 months

Juridiske, økonomiske, finansielle og tekniske oplysninger
Betingelser for deltagelse
Mindstekrav til niveauet:

LD Pensions has the following economic minimum requirement: Company Assets Under Management in Smart Beta equity products (Single- and Multi-factor) as of 30.6.2019 was above 3.6 billion EUR or 4 billion USD.

If implementation of the Smart Beta Quantitative Process is executed by a separate entity to the entity developing and providing the Smart Beta Quantitative Process (a consortium or supporting entity/subcontractor), the Assets Under Management requirement concerns the entity developing and providing the Smart Beta Quantitative Process.

Teknisk og faglig kompetence:

In the Application (Appendix 6, Prequalification Questionnaire) the Applicant must include three comparable and relevant References in essay form. A Reference is a description of a current or recent project or mandate which the Applicant has delivered to a client and demonstrates the Applicant’s ability to fulfill the requirements of this tender.

Below please find a description of the required and permitted content of each Reference:

— Reference 1: Reference concerning previous experience, capabilities and results within global Multi-factor, high capacity, Smart Beta equity portfolio management

— Reference 2: Reference concerning previous experience, capabilities and results within global Multi-factor, high capacity, Smart Beta equity portfolio management

— Reference 3: Reference concerning previous experience, capabilities and results within decomposition of active return of equity strategies, identification and quantification of current and historic factor exposures, and completion advice. The factor definitions must be those employed in References 1 and 2. More than one methodology may have been employed (for example both returns-based and holdings-based).

The purpose of the References is to present the Applicant’s capabilities, previous experiences and results from handling similar clients with similar objectives as LD Pensions.

Procedure
Retsgrundlag: 32014L0024
Påtænkt antal ansøgere: 5
Objektive kriterier for udvælgelse af det begrænsede antal ansøgere:

Evaluation of each Reference is based on three criteria

(1) Client resemblance to LD Pensions

(2) Project characteristics

(3) Capabilities, experience, and demonstrated outcomes

For each Reference a maximum of 25 points can be awarded. Thus, in total, Applicants can be awarded a maximum of 75 points.

Regarding criterion (1): References concerning clients which resemble LD Pensions in terms of size (same or larger) are preferred, references concerning clients that are unaffiliated to the Applicant are preferred.

Regarding criterion (2): References concerning clients with long duration relationships with the Applicant in Smart Beta mandates are preferred. References with mandates of a similar (or larger) volume as the LD Pensions' volume are preferred. References regarding client relationships in Smart Beta mandates that have not been terminated or expired are preferred.

Regarding criterion (3)

For all three references: References using the traditional academically tested factors are preferred. References regarding projects that have resulted in reviewed academic articles, books or other academic literature are preferred.

For References 1 and 2: References concerning global all country strategies (including emerging markets) will be preferred over global developed strategies. References with client directed customization regarding Portfolio Construction are preferred. References where the outcome was long term positive alpha generation and favorable risk/return vs. the relevant benchmark are preferred.

For Reference 3: Preference for more than one methodology employed. References where completion advice was provided will be preferred; references demonstrating ability to advise on multi-manager portfolios will be preferred. References with client directed customization are preferred. References where the Ancillary Service led to a direct positive effect on the client's total portfolio return/risk vs. relevant benchmark are preferred.

If 2 or more Applicants are awarded the same total score, the Applicant with the highest score regarding the criterion “Firm Capabilities, Experience and Outcomes” will be favored. If two or more Applicants are still awarded the same score, the Applicant with the highest score regarding the criterion “Project characteristics” will be favored. If two or more Applicants are still awarded the same score, the Applicant with the highest score regarding the criterion “Client resemblance to LD Pensions” will be favored. If two or more Applicants are still awarded the same score, LD Pensions will draw lots.

Tidspunkt for modtagelse af tilbud: 07:00
Dato for afsendelse af opfordringer: 2019-11-14 📅
Sprog, på hvilke bud eller ansøgninger om deltagelse kan indgives: engelsk 🗣️
Tilbuddets gyldighedsperiode: 6 måneder

Ordregivende myndighed
Identitet
Nationalt registreringsnummer: 61552812
Kontakt
Enhed: Kristoffer Fabricius Birch
Internetadresse: www.ld.dk 🌏
URL til dokumenter: http://eu.eu-supply.com/app/rfq/rwlentrance_s.asp?PID=243632&B=KROMANNREUMERT 🌏

Supplerende oplysninger
Gennemgå organ
Navn: Klagenævnet for Udbud
Postadresse: Nævnenes Hus, Toldboden 2
Postby: Viborg
Postnummer: 8800
Land: Danmark 🇩🇰
Telefon: +45 72405600 📞
E-mail: klfu@naevneneshus.dk 📧
Internetadresse: https://naevneneshus.dk/start-din-klage/klagenaevnet-for-udbud/ 🌏
Oplysninger om frister for klageprocedurer:

In accordance with Act no. 953 2.6.2016 (Lov om klagenævnet for Udbud m.v.), the deadlines for submitting a complaint are the following:

Complaints about a candidate not being selected must be filed within 20 calendar days starting the day after the contracting authority sent notification to the candidates involved, cf. section 171 of the Danish Public Procurement Act, provided that the notification includes a short account of the relevant reasons of the decision.

Complaints about the award procedure must be lodged with the Danish Complaints Board for Public Procurement before the expiry of:

1) 45 calendar days after the contracting authority has published a notice in the official Journal of the European Union (with effect form the day following the publication date)

2) 30 calendar days from the day following the day on which the contracting authority has informed the tenderers that the contracting authority have entered into a contract based on a framework agreement with reopening of competition or a dynamic purchasing system if the notification includes a sort account of the relevant reasons for the decision.

3) 6 months after the contracting authority has signed a framework agreement from the day following the day that the contracting authority has notified the tenderers, cf. section 2, 2) of the Act or section 171, 4) of the Danish Public Procurement Act.

4) 20 calendar days form the day after the day the contracting authority has announced its decision see section 185, 2) of the Danish Public Procurement Act.

The complainant must inform the contracting authority of the complaint in writing and not later than simultaneously with the lodging of the complaint to the Danish Board of Public Procurement. The complaint must state whether the complaint was lodged in the stand still period. If the complaint has not been lodged in the stand still period, the complaint must also state whether the complaint is requested to be given suspensive effect.

Tjeneste, hvorfra der kan indhentes oplysninger om klageproceduren
Samme som: Gennemgå organ
Kilde: OJS 2019/S 194-471710 (2019-10-04)

Bekendtgørelse om indgåede kontrakter (2020-08-13)
Objekt
Omfanget af udbuddet
Kort beskrivelse:

The object of the tender is to find an investment manager to handle LD Pensions’ assets within multi-factor, high capacity, smart Beta global equities, including provision of ancillary services such as delivery of completion advice and analysis of the factor exposure of LD Pensions’ current and potential future single- and multi-manager equity portfolios. The size of the mandate covered by this contract notice is indicative due to LD Pensions’ inability to determine the volume in advance. The value of the contract is therefore LD Pensions’ best estimate.

Den samlede værdi af udbuddet: 7 000 000 EUR 💰
Bekendtgørelsens metadata
Dokumenttype: Bekendtgørelse om indgåede kontrakter

Procedure
Bud-type: Finder ikke anvendelse

Ordregivende myndighed
Identitet
Navn på ordregivende myndighed: Lønmodtagernes Dyrtidsfond (‘LD Pensions’)

Reference
Datoer
Afsendelsesdato: 2020-08-13 📅
Offentliggørelsesdato: 2020-08-18 📅
Identifikatorer
Bekendtgørelsesnummer: 2020/S 159-388522
Henviser til bekendtgørelse: 2019/S 194-471710
EUT-S-nummer: 159

Objekt
Omfanget af udbuddet
Kort beskrivelse:

This mandate is long only and has two objectives

— Deliver long-term exposure to well-rewarded equity factors (risk premia) via investment in a high capacity, multi-factor strategy (ongoing portfolio management). The investment universe is global, including emerging markets. The product must be provided as a segregated mandate and portfolio construction must be tailored to the needs of LD Pensions by incorporating LD Pensions’ exclusion list, tracking error and other restrictions.

— Delivery of ancillary services concerning analyses of LD Pensions’ current and potential future single- and multi-manager equity portfolios, using the same factor definitions employed in the smart Beta mandate.

The size of the mandate covered by this contract notice is indicative due to LD Pensions’ inability to determine the volume in advance. It is important that the product has a minimum of EUR 2 billion available capacity at the time of signing the agreement.

Procedure
Kriterier for tildeling
Kvalitetskriterium (navn): Quality of service
Kvalitetskriterium (vægtning): 65
Kvalitetskriterium (navn): Processes
Kvalitetskriterium (vægtning): 15
Pris (justeringskoefficient): 20

Tildeling af kontrakt
Dato for kontraktindgåelse: 2020-07-09 📅
Navn: Goldman Sachs Asset Management International
Postadresse: Plumtree Court 25 Shoe Lane
Postby: London
Land: Storbritannien 🇬🇧
London 🏙️
Den samlede værdi af udbuddet: 7 000 000 EUR 💰
Oplysninger om udbud
Antal modtagne bud: 5

Ordregivende myndighed
Kontakt
Køberprofilens adresse: https://eu.eu-supply.com/ctm/Company/CompanyInformation/Index/352919 🌏

Supplerende oplysninger
Gennemgå organ
Oplysninger om frister for klageprocedurer:

In accordance with Act No 953 2 June 2016 (Lov om klagenævnet for Udbud m.v.), the deadlines for submitting a complaint are the following:

1) 45 calendar days after the contracting authority has published a notice in the official Journal of the European Union (with effect form the day following the publication date);

2) 30 calendar days from the day following the day on which the contracting authority has informed the tenderers that the contracting authority has entered into a contract based on a framework agreement with reopening of competition or a Dynamic Purchasing System if the notification includes a sort account of the relevant reasons for the decision;

Kilde: OJS 2020/S 159-388522 (2020-08-13)

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