Lord Chancellors Investment Fund

Concepts

• lord chancellors investment fund
• lord chancellor's investment fund
• finance and insurance
• equity index tracker fund
• appointment of an investment manager
• purpose of the fund
• investment vehicle
• suitable investment products
• lord chancellor
• current cif funds

Location

United Kingdom:

Description

The requirement is for the appointment of an investment manager to manage and control the Lord Chancellor's Investment Fund. The purpose of the fund is to provide an investment vehicle for funds in court in England and Wales and separately in Northern Ireland. Funds are held under the jurisdiction of the Official Solicitor and the Public Trustee, and a number of individuals granted permission to invest by the Lord Chancellor.

Total Quantity or Scope

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.

Renewal Options

The contract will be reviewed at least 12 months before the expiry of the contract.

CPV Codes

• 66000000 - Financial and insurance services
• 79412000 - Financial management consultancy services

Indicators

• This is a one-off contract (no recurrence)
• Renewals are available.

Other Information

** PREVIEW NOTICE, please check Find a Tender for full details. ** 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.