Fund Administration & Custody Services

Description

The Authority is seeking to appoint one or more suppliers to deliver a range of services in support of its investment fund platform, operational oversight model, and client servicing responsibilities. These services have been grouped into three Lots and will be awarded via a Competitive Flexible Procedure under the Procurement Act 2023. The services sought through this procurement will replace those currently delivered by the Authority's existing providers, whose contracts are due to expire on 31 December 2025. A transition window will be established to allow for implementation and onboarding activities in advance of go-live dates. Suppliers may submit proposals for one, multiple, or all Lots. Each Lot will be evaluated and awarded independently, and the Authority reserves the right to award all, some, or none of the Lots depending on the quality and value of tenders received. Lot 1 - Core Services This Lot comprises the Authority's essential operational fund services and will form the backbone of the requirements. The services in scope include: Custody (including safekeeping, settlements, corporate actions, proxy voting); Custody: Provision of global and domestic custody across asset classes including listed securities, fixed income, private markets, and derivatives. Core activities include safekeeping, settlement, income collection, corporate action processing, and proxy voting coordination. Fund Administration: Full NAV accounting and unit pricing for both public and private market funds. Requirements include accurate valuation, shadow NAV capabilities, financial reporting, and audit support. Depository Services: ACS & EUUT-compliant depository oversight, including cash monitoring, ownership verification, and regulatory reporting. Transfer Agency: Maintenance of investor registers, processing of investor activity, AML/KYC checks, and generation of investor confirmations and statements. Investment Operations Support: Cashflow management, reconciliation oversight, settlement instruction coordination, and support for fund launches or mandate changes. Withholding Tax Services: End-to-end support including documentation, relief at source where applicable, and reclaim processing across multiple jurisdictions. This Lot is expected to go live on or around 1 January 2026, subject to the completion of transition and onboarding. Lot 2 comprises client-facing reporting and oversight services to support transparency, engagement, and governance with London CIV's underlying clients. This Lot includes the production of standardised client reports, the integration of data sources and systems to enable reporting automation, and the provision of dashboards and oversight tools that facilitate monitoring of service performance. The services in scope include: Client Reporting: Delivery of accurate, timely, and relevant client reports across all fund types, investment strategies, and asset classes. This includes monthly, quarterly, and annual reporting as well as ad hoc reporting where required. Data Integration: The ability to ingest, transform, and reconcile data from custodians, fund administrators, investment managers, and internal sources to populate reports. Reporting Flexibility: Capacity to evolve formats, content, and reporting frequencies to meet emerging stakeholder needs. Oversight Tools: Dashboards, issue logs, and service monitoring tools to support day-to-day operations and service reviews. This Lot is expected to go live on or around 1 January 2026, subject to the completion of transition and onboarding. Lot 3 - Ancillary Services This Lot includes a group of additional operational services that the Authority may wish to implement in future, subject to internal strategy and operating model decisions. The services potentially in scope include: Performance Measurement & Attribution: Calculation and reporting of investment performance metrics across Public and Private Market funds, mandates, and asset classes; including absolute, relative, and risk-adjusted returns and multi-level attribution. Fund Compliance & Breach Monitoring: Ongoing monitoring of fund-specific investment guidelines, regulatory constraints, and mandate compliance. Lot 3 will be competitively tendered under this procurement, but no commitment is made at this stage regarding its implementation. Suppliers are invited to submit proposals, but any award will be subject to further assessment of need and available resources. Implementation and Transition Expectations For any Lots awarded, the Supplier(s) will be expected to engage with the Authority promptly following notification of contract signature award to agree a detailed mobilisation and implementation plan prior to contract signature. This will include transition timelines, data and system readiness, regulatory considerations, and resourcing commitments. The Authority expects that implementation planning will begin during the standstill period and that all awarded services (except Lot 3, where relevant) will be operational by 1 January 2026. Suppliers should be prepared to collaborate closely with incumbent providers, internal stakeholders, and third parties to ensure a seamless transition with minimal service disruption.