Published date: 23 January 2023
Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.
Contract summary
Industry
Deposit services - 66112000
Investment banking services and related services - 66120000
Portfolio management services - 66140000
Financial market operational services - 66151000
Financial consultancy services - 66171000
Location of contract
GU6 8AF
Value of contract
£1,000 to £5,000
Procurement reference
RFP0123
Published date
23 January 2023
Closing date
10 March 2023
Closing time
5pm
Contract start date
1 April 2023
Contract end date
18 May 2023
Contract type
Service contract
Procedure type
Open procedure (above threshold)
Any interested supplier may submit a tender in response to an opportunity notice.
This procedure can be used for procurements above the relevant contract value threshold.
Contract is suitable for SMEs?
Yes
Contract is suitable for VCSEs?
No
Description
Cranleigh Parish Council has recently carried out a review of its Investment Strategy. It has changed the terms to reflect a need to address the issues of poor yield from short notice, low risk investments. Inflation is eroding the value of reserves and forcing the Council into a position whereby it cannot meet its commitment to the achieve sustainable Yield, which forms one of the three core pillars of public finance: the others being Security and Liquidity.
We are now seeking an investment management business who can help us manage the Council's capital to offset the effects of the rising inflation.
Scope of Services
The firm selected will be required to provide the following services:
1. Investment of Funds
The firm must effectively invest the Cranleigh Parish Council's funds, providing discretionary investment management services, pursuant to the approved investment policy and cash flow needs.
2. Written and Oral Reports
In line with regulatory requirements, the firm must provide a written report, as required, on a monthly basis demonstrating the portfolio performance and the current information about the portfolio, as described in the investment policy. The firm must also be available to make periodic oral reports to the Council.
3. Evaluation of Investment Policy
The firm must annually assist in the review of the Cranleigh Parish Council's investment policy. The proposed changes to the investment policy will be presented in final draft form to the Cranleigh Parish Council Finance Committee prior to submission to the full Council.
Proposal Requirements
For the purposes of quoting for this service, it is important to know that the Parish Council has funds of circa £500,000 across all categories of reserves, but currently invests £200,000 of this on low interest-bearing deposit accounts. The Council will pursue a strategy to maximise the reserves in interest or capital growth-based instruments according to a the principles of a set of attached terms of reference.
However for the purposes of this Request For Proposal, the Council's priorities are, in the following ranking order:
(i) The security of capital to minimise the risk of losses.
(ii) The liquidity of investments to meet the cash flow needs of the Council.
(iii) Maximising income within the framework of the national economic situation.
The Council will aim to achieve a high rate of return on investments commensurate with adequate safeguards of security and liquidity.
The Department for Communities and Local Government maintains the borrowing of money purely to invest or to lend and make a return is unlawful and the Council will not engage in such activity.
Finally the Parish Council seeks an ethical investment approach, ideally with a focus on sustainable investments.
All proposals must be received by the Parish Council Clerk by 5.00pm on Friday 10 March 2023 by email to clerk@cranleigh-pc.gov.uk
More information
Attachments
-
- Request for Proposal January 2023.pdf
- Tender notice
- Invitation to quote for Investment Management Services
Links
-
- http://cranleigh-pc.gov.uk/_UserFiles/Files/Policies and Other Documents/Investment Strategy 2022.pdf
- Technical specifications
- Investment Strategy
About the buyer
Contact name
Beverley Bell
Address
Council Office
Village Way
CRANLEIGH
GU68AF
England
Telephone
01483 272311
Website
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Closing: 10 March 2023, 5pm