Published date: 9 December 2022

This notice was replaced on 29 September 2023

This notice does not contain the most up-to-date information about this procurement. The most recent notice is:

Awarded contract (published 29 September 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

  • Investment banking services and related services - 66120000

Location of contract

Any region

Value of contract

£738,000

Procurement reference

tender_309226/1154663

Published date

9 December 2022

Closing date

30 December 2022

Closing time

12pm

Contract start date

1 February 2024

Contract end date

31 January 2030

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

The CIF currently contains one product, the Equity Index Tracker Fund, which is for higher value clients. It is based on three underlying funds: Future World UK Equity Index, Future World Developed Equities Index and Global Emerging Markets (L class). The total Fund is split 55%, 35%, 10% among these three vehicles.

Total value of the Fund as at 31 March 2022, value circa £95.7m covering circa 4,820,051 units. The Lord Chancellor also manages a range of lower value or shorter term client deposits out with the CIF via deposit accounts currently paying 1.25% - see additional information for further details.

The Authority wishes to revisit the market in order to establish whether there may be other suitable investment products for a new arrangement covering both the current CIF funds and also some circa £100m - £200m of the other funds.

The aims of any future product within the CIF would be to provide relatively secure investment returns (medium to low risk) and capital growth for those with less to invest and/or a shorter term horizon. This might require more than one product to cover the differing needs in terms of shorter term and longer term clients, or providing for clients who may have a need for income as well as capital growth. Protection against capital loss might be achieved via risk mitigation or diversification measures. The risk profile means that passive/index-based approaches to asset classes are expected to be used.

The Authority requires that companies managing CIF funds are registered in the UK.

The estimated value of £350m is a forecast of future needs based on the amount of funds currently being managed inside and outside the existing CIF but which may become subject to a future CIF if suitable products are available.

It is envisaged that the term of the contract will be 5 years with provision to extend for a further 2 years (7 years in total).

More information

Links

Additional text

Interested Suppliers are required to register their company details (if not already registered) on the esourcing portal. https://ministryofjusticecommercial.bravosolution.co.uk in order to obtain tender documents for this opportunity.

Once you have an active account go to "ITT's Open To All Suppliers" and select ITT_ 6937 to submit your response.
Tenders must be completed on the system only, no email submissions will be accepted.

About the buyer

Address

102 Petty France
London
SW1H 9EA
England

Email

ccmdfinancialservices@justice.gov.uk