Border to Coast Pensions Partnership Ltd., South Shields, England, is searching for a provider of asset servicing, depository services and third-party administration for a pool of 12 local government pension schemes.
The BCPP company was established by the 12 U.K. pension funds with a combined about £42 billion ($54 billion), collectively the Border to Coast pool, and will become an alternative investment fund manager once authorized by the Financial Conduct Authority, said documents filed with European procurement website Tenders Electronic Daily.
The company is looking for a provider of core services: supporting investment execution, middle office servicing, depository services and fund administration.
David Hayward, a solicitor at South Tyneside Council — the administering council for one of the LGPS funds involved — said in an email that this was the first time BCPP has undertaken a search of this kind. Further details are available on the TED website, or by registering on public sector procurement website ProContract. Proposals are due Sept. 25. Mr. Hayward said executives expect the selection process will take three to six months, including negotiation of a detailed contract.
The pension funds in the pool are the Bedfordshire Pension Fund, Bedford; Cumbria Local Government Pension Scheme, Carlisle; Durham County Council Pension Fund; East Riding Pension Fund, Goole; Lincolnshire Pension Fund, Lincoln; North Yorkshire Pension Fund, Northallerton; Northumberland County Council Pension Fund, Morpeth; South Yorkshire Pension Fund, Barnsley; Surrey Pension Fund, Kingston upon Thames; Teesside Pension Fund, Middlesbrough; Tyne and Wear Pension Fund, Sunderland; and Warwickshire County Council Pension Fund, Warwick.
