London Councils is searching for a custodian for a collective investment fund for 33 local authority pension funds in London, said Hugh Grover, director of fair funding, procurement and performance at the organization, which represents the authorities.
He said the search had been launched to find a provider of global custody, fund administration and depository services for the collective investment vehicle, which will provide the 33 individual local government pension funds across London with a platform through which they can invest collaboratively.
Mr. Grover said in a telephone interview that this is the first of the procurement processes to get underway, and will be followed with searches for compliance services providers and a consultant.
“We hope to have the key suppliers in place by the end of the year,” he said. Responses to a pre-qualification questionnaire must be received by Aug. 19, with a contract award expected the week of Dec. 1, according to the questionnaire. The PQQ is available here. Registration is required.
The contract is expected to start April 1, 2015, and runs for an initial five years with a five-year extension option.
The search follows the establishment of a limited liability partnership, announced Monday, to make it easier for London boroughs and the City of London to collectively invest their pension assets.
