Requests for proposal
General information
As a public institution, FDC is subject to Luxembourg legislation on public procurement for the selection of its service providers. More specifically, FDC is subject to the provisions of the law of 8 April 2018 on public procurements.
The given law foresees that electronic communication is mandatory for contracts exceeding the European thresholds. All communication between the publication of the contract notice and the order placement is affected by this obligation and must therefore take place via the dedicated public tender portal Portail des marchés publics.
Therefore, any company wishing to participate for example in a tender for the award of portfolio management mandates on behalf of FDC’s SICAV must download the tender documents, submit its questions for clarification and submit its offer electronically, also signed electronically, via the above-mentioned portal. FDC therefore invites each company to inform itself of these modalities by consulting the Portail des marchés publics and to verify if they have the necessary means of authentication. A handbook is available for download at the below "For more information - Related procedures" sub-section.
In addition to legal publications on the Portail des marchés publics and in the Supplement to the Official Journal of the European Union, FDC advertises its public tenders for the award of mandates on behalf of its SICAV also via its website.
Request for proposal in progress
FDC's Board of Directors approved during the month of January 2023 the launch of a new request for proposal regarding the attribution of several portfolio management mandates on behalf of FDC's SICAV. More precisely, the given request for proposal relates to the reassignment of four existing mandates and the awarding of one new mandate, namely:
- Lot 1: “Emerging Market Bonds, Sustainable Approach, Active” relates to an emerging markets bonds mandate to be actively managed, including a sustainable approach, with an indicative amount of assets of EUR 250 million.
- Lot 2: “Emerging Market Bonds, Indexed” relates to an emerging markets bonds mandate to be passively managed with an indicative amount of assets of EUR 250 million.
- Lot 3: “Global Equities Small Cap, Sustainable Approach, Active” relates to a global small cap equities mandate to be actively managed, including a sustainable approach, with an indicative amount of assets of EUR 500 million.
- Lot 4: “Global Equities Small Cap, Indexed" relates to a global small cap equities mandate to be passively managed with an indicative amount of assets of EUR 500 million.
- Lot 5: “Global Bonds (hedged), Paris Aligned, Indexed” relates to a new global bonds mandate to be passively managed and hedged against currency risk. Also, the mandate must be aligned with the Paris Agreement goal of limiting global warming to well below 2°C, preferably to 1.5°C, with an indicative amount of assets of EUR 500 million.
The contract notice of the given request for proposal has been published at the Portail des marchés publics du Grand-Duché de Luxembourg on 3 February 2023. The publication within the Supplement to the Official Journal of the European Union has been done on 6 February 2023. The deadline for submitting a proposal has been set to 1 March 2023.
Finally, the Tendering and Procedure Guidelines, which are also available for download at the below "For more information - News" sub-section, foresee an awarding of the contracts towards the end of July 2023.
Results of the latest request for proposal
Request for proposal dated 1 October 2021 related to the awarding of six portfolio management mandates
FDC's Board of Directors approved during the month of September the launch of a new request for proposal regarding the attribution of several portfolio management mandates on behalf of FDC's SICAV.
More precisely, the given request for proposal related to the awarding of five existing mandates and one new mandate and was divided into four lots, namely:
- Lot 1: “Global Bonds (hedged), Sustainable Approach” relates to two global bonds mandates to be actively managed, including a sustainable approach and hedged against currency risk, with an indicative amount of assets of EUR 850 million per mandate.
- Lot 2: “Global Equities, Sustainable Approach” relates to two global equities mandate to be actively managed, including a sustainable approach, with an indicative amount of assets of EUR 1000 million per mandate.
- Lot 3: “Emerging Markets Equities, Sustainable Approach” relates to an emerging markets equities mandate to be actively managed, including a sustainable approach, with an indicative amount of assets of EUR 600 million.
- Lot 4: “Global Equities, Paris Aligned” relates to a global equities mandate to be passively managed and to be aligned with the Paris Agreement goal of limiting global warming to well below 2°C with an indicative amount of assets of EUR 500 million.
The contract notice of the given request for proposal has been published at the Portail des marchés publics du Grand-Duché de Luxembourg on 3 October 2021, in the Luxembourg press as well as in the Supplement to the Official Journal of the European Union (OJEU) on 6 October 2021.
During March 2022, FDC decided to award the mandates as follows:
- Lot 1: "Global Bonds (hedged), Sustainable Approach": Franklin Templeton Investment Management Limited and Neuberger Berman Asset Management Ireland Limited. A standby mandate was awarded to Wellington Management International Limited.
- Lot 2: "Global Equities, Sustainable Approach": HSBC Global Asset Management (France) and Union Investment Institutional GmbH. A standby mandate was awarded to KBI Global Investors.
- Lot 3: "Emerging Markets Equities, Sustainable Approach": MFS Investment Management Company (Lux) S.à r.l. A standby mandate was awarded to Robeco Institutional Asset Management.
- Lot 4: "Global Equities, Paris Aligned": State Street Global Advisors Europe Limited. A standby mandate was awarded to UBS Asset Management (UK) Limited.
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