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PROCUREMENT OPPORTUNITY

Fund Administration, Custody, Depository & Client Reporting Services

LONDON LGPS CIV LIMITED · Pipeline notice on Find a Tender

Tender information last checkedLast checked 30 Sept 2026, 00:56.

Opportunity overview

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.

Awarded to

Amounts belong to published awards or contracts. Where several suppliers share one value, it is labelled as shared and is not a supplier-specific allocation.

OPUS NEBULA

Matched by number
Published award value
£523.7k
Awarded
4 Dec 2025
Award ID
2
Status
pending
Identifier
GB-COH 09270336
Location
Berkhamsted, UKH23, HP4 1AA, United Kingdom

Classification

  • CPV48812000 — Financial information systems
  • CPV66500000 — Insurance and pension services
  • CPV66600000 — Treasury services

Lots

  • Core Services£34.4m · Including VAT
  • Client Reporting Services£576k · Including VAT
  • Ancillary Services£1m · Including VAT

Documents and notices

Published notice details

Additional information from the published procurement release. Fields appear only when supplied by the source; check the original notice and tender documents before acting.

Scope, procedure and submissions

Id
P00225
Status
complete
Above Threshold
Yes
Procurement Method
open
Main Procurement Category
services
How to submit
Submissions may only be made via email to: procurement@londonciv.org.uk
Procurement Method Details
Competitive flexible procedure
Expression Of Interest Deadline
11 Jul 2025, 17:00

Procedure

Features
The procurement will be structured into two key stages followed by an award stage: a. Stage 1: Selection i. Applicants who have expressed an interest in one or more lots of the procurement will need to pre-qualify and must complete the Procurement Specific Questionnaire (PSQ) and have registered their details on the Central Digital Portal (CDP) within the Find a Tender portal. ii. The PSQ sets out the information required by the authority in order to assess the suitability of applicants to perform the Services as well as their economic and financial standing and technical and professional ability. In preparing your application, you need to consider the questions listed in this document and the requirements detailed. iii. Post the PSQ phase, Tenders will be evaluated based on the bidder's written submission and proof of concept presentations. iv. LCIV reserves the right to limit the number of applicants that are invited to Stage 2 of the procurement. It is anticipated that Lot 1 will be limited to no more than 3 that have received the highest scores after scoring of the PSQ. Lots 2 and 3 will be limited to those invited to to Stage 2 of Lot 1 and no more than 2 others that have received the highest scores after scoring of the PSQ. b. Stage 2: Tender Stage i. The Authority will issue an ITN to applicants that are shortlisted to Stage 2 following the evaluation of the PSQ responses. ii. Tenders will be evaluated based on the bidder's written submission and proof of concept presentations. The ITN(s) will be structured to reflect the suppliers Lot submissions post the PSQ phase. Scoring will be conducted independently for each Lot c. Award Stage i. The successful bidder for each Lot will be informed, unsuccessful bidders notified and, prior to the commencement of the standstill period, the contract notice published.

Legal basis

Id
2023/54
Scheme
UKPGA

Expected award period

Ends
1 Nov 2025, 23:59

Communication

Future Notice Date
30 May 2025, 23:59

Enquiry period

Ends
27 Jun 2025, 17:00

Submission terms

Electronic Submission Policy
notAllowed

Languages

en

Lots and requirements

Entry 1
Id
1
Title
Core Services
Status
complete
Has Renewal
Yes
Description
This Lot forms the operational foundation of the Authority's fund platform and includes essential middle- and back-office services across both public and private market funds. The supplier must demonstrate full integration and automation capabilities across the following areas. Custody • Provision of safekeeping for all asset types including public equity, bonds, private assets, and derivatives. • Full trade lifecycle support including settlement, monitoring, and exception resolution. • Corporate actions processing, including notifications, elections, and entitlement collection. • Proxy voting services aligned with client mandates, with reporting on execution. • Cash and income management across multicurrency accounts, with intraday visibility and control. Fund Administration • NAV production and validation across public (e.g. ACS, EUUT) and private fund structures (e.g. SLPs). • Financial reporting and audit support, including trial balances, annual accounts preparation, and year-end reconciliation. • Management of capital calls, distributions, performance fee crystallisation, and valuation challenges. • Flexible reporting across investor levels and fund structures and share classes. Depository Services • Oversight of regulated fund vehicles, including asset safekeeping verification, cash flow monitoring, and breach escalation. • Segregation of oversight and custody where required under regulation. • Periodic due diligence and assurance reporting. Transfer Agency • Subscription, redemption, and switch processing for investors. • Maintenance of investor registers, anti-money laundering compliance, and document collection. • Client onboarding, portal access, and investor servicing SLAs. • Tailored to both listed and unlisted fund share classes. Investment Operations • Oversight of middle-office processes: trade capture, reconciliations (cash, positions, transactions), and lifecycle monitoring. • Data management for positions, transactions, and reference data including fund static. • Integration with Investment Managers, custodians, and third-party systems. • Provision of timely dashboards, workflow tools, and MI reporting. • Placement of Orders for Pooled Fund activity and Private Market Fund Drawdowns, including FX trade placement. Withholding Tax • Maintenance of tax documentation across jurisdictions. • Application of relief at source where eligible. • Reclaim filing and monitoring, with visibility of status and recovery timing. Reporting on open reclaims, timelines, and recovery rates Suppliers are expected to: Demonstrate operational scale, regulatory expertise, and automation across services Support UK fund structures (e.g., ACS, EUUTs) and global asset classes Provide transparent, flexible service models with strong MI and risk oversight Evidence technology infrastructure, data controls, and continuity measures

Value

Currency
GBP
Including VAT
34,424,000

Renewal

Description
Subject to enduring requirements and absence of alternative provision.

Second Stage

Maximum Candidates
4

Award criteria

Criteria

Criterion 1
Name
Cost
Type
cost

Numbers

Entry 1
Number
30
Weight
percentageExact
Criterion 2
Name
Quality
Type
quality

Numbers

Entry 1
Number
70
Weight
percentageExact

Contract period

Ends
31 Dec 2029, 23:59
Starts
1 Jan 2026, 00:00
Max Extent Date
31 Dec 2033, 23:59

Selection criteria

Criteria

Criterion 1
Description
Scoring of the PSQ responses, with particular focus on Technical Ability, capacity & track record, with strong consideration to the requirements outlined in the documentation.
For Reduction
Yes
Entry 2
Id
2
Title
Client Reporting Services
Status
complete
Has Renewal
Yes
Description
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 This Lot covers services including: Client Reporting • Production of standardised reports (performance, attribution, holdings, risk) tailored to different client types. • Support for templated and bespoke reporting across Private and Public market fund structures. • Adherence to agreed reporting deadlines and publication schedules. • Support for ESG and stewardship-related metrics and disclosures. • Support for SFDR, TCFD, and TNFD reporting where required Data Integration • Integration with third-party systems (e.g. custodians, fund admins) to automatically ingest data. • Reconciliation of data feeds and validation of input data for accuracy. • Data validation processes and audit logs for change management • Daily/weekly/monthly/Quarterly automated data refresh where required. Reporting Flexibility • Support for evolving templates, branding, regulatory disclosures, and investor requirements. • Ability to accommodate new mandates or fund launches with minimal lead time. • Support for cross-fund and cross-client asset consolidated views • Scalable report configuration through no-code or low-code tools Oversight & Engagement Tools • Provision of dashboards to track reporting completion, delays, or data issues. • Workflow tools to support approval and escalation processes. • Audit trails and export functionality for internal oversight. Suppliers are expected to: Demonstrate advanced, flexible reporting platforms and delivery formats Offer reporting aligned to regulatory and client-specific reporting cycles Show integration capabilities with fund administrators, custodians, and performance providers Evidence client access tools and transparency features

Value

Currency
GBP
Including VAT
576,000

Renewal

Description
Contract is structured as 3 + 2 + 2, extensions will be subject to performance and operational requirements

Second Stage

Maximum Candidates
5

Suitability

Sme
Yes

Award criteria

Criteria

Criterion 1
Name
Cost
Type
cost

Numbers

Entry 1
Number
30
Weight
percentageExact
Criterion 2
Name
Quality
Type
quality

Numbers

Entry 1
Number
70
Weight
percentageExact

Contract period

Ends
31 Dec 2028, 23:59
Starts
1 Jan 2026, 00:00
Max Extent Date
31 Dec 2033, 23:59

Selection criteria

Criteria

Criterion 1
Description
Competency, flexibility, capacity, track record and price.
For Reduction
Yes
Entry 3
Id
3
Title
Ancillary Services
Status
complete
Has Renewal
Yes
Description
Lot 3 comprises additional value-added services that may be required by the Authority in future. These services will be tendered as part of this procurement, but are not guaranteed to be implemented. The inclusion of Lot 3 is intended to support strategic flexibility and operational scalability Performance Measurement and Attribution • Delivery of absolute and relative performance figures across portfolio and benchmarks • Daily and monthly performance calculations at total fund, asset class, and security level. • Time-weighted and money-weighted returns with appropriate benchmarks. • Attribution models to support manager evaluation. • Performance dashboards and historical performance reports. Fund Compliance and Breach Monitoring • Setup and maintenance of investment compliance rules based on fund prospectuses and mandates. • Daily automated breach checks against key metrics (e.g. issuer concentration, duration, credit rating). • Alerts, reporting, and audit trails for compliance monitoring. • Workflow and resolution tools to track breach resolution and reporting obligations. Suppliers must clearly indicate the services offered within this Lot. Suppliers are expected to: Demonstrate specialist expertise and systems in respective service areas Show integration ability with other vendors or platforms Provide examples of existing client service models and SLAs

Value

Currency
GBP
Including VAT
1,000,000

Renewal

Description
Contract is structured on a 3+2+2 basis.

Second Stage

Maximum Candidates
4

Award criteria

Criteria

Criterion 1
Name
Cost
Type
cost

Numbers

Entry 1
Number
30
Weight
percentageExact
Criterion 2
Name
Quality
Type
quality

Numbers

Entry 1
Number
70
Weight
percentageExact

Contract period

Ends
31 Dec 2029, 23:59
Starts
1 Jan 2026, 00:00
Max Extent Date
31 Dec 2033, 23:59

Selection criteria

Criteria

Criterion 1
Description
Capability, Capacity, track record & price.
For Reduction
Yes

Items and delivery

Item 1
Id
1
Related Lot
1

Delivery locations

Entry 1
Region
UKC
Country
GB
Country Name
United Kingdom
Entry 2
Region
UKD
Country
GB
Country Name
United Kingdom
Entry 3
Region
UKE
Country
GB
Country Name
United Kingdom
Entry 4
Region
UKF
Country
GB
Country Name
United Kingdom
Entry 5
Region
UKG
Country
GB
Country Name
United Kingdom
Entry 6
Region
UKH
Country
GB
Country Name
United Kingdom
Entry 7
Region
UKI
Country
GB
Country Name
United Kingdom
Entry 8
Region
UKJ
Country
GB
Country Name
United Kingdom
Entry 9
Region
UKK
Country
GB
Country Name
United Kingdom
Entry 10
Region
UK
Country
GB
Country Name
United Kingdom

Additional Classifications

Entry 1
Id
48812000
Scheme
CPV
Description
Financial information systems
Entry 2
Id
66500000
Scheme
CPV
Description
Insurance and pension services
Entry 3
Id
66600000
Scheme
CPV
Description
Treasury services
Item 2
Id
2
Related Lot
2

Delivery locations

Entry 1
Region
UK
Country
GB
Country Name
United Kingdom

Additional Classifications

Entry 1
Id
48812000
Scheme
CPV
Description
Financial information systems
Entry 2
Id
66500000
Scheme
CPV
Description
Insurance and pension services
Entry 3
Id
66600000
Scheme
CPV
Description
Treasury services
Item 3
Id
3
Related Lot
3

Delivery locations

Entry 1
Region
UK
Country
GB
Country Name
United Kingdom

Additional Classifications

Entry 1
Id
48812000
Scheme
CPV
Description
Financial information systems
Entry 2
Id
66500000
Scheme
CPV
Description
Insurance and pension services
Entry 3
Id
66600000
Scheme
CPV
Description
Treasury services

Published documents

Entry 1
Id
conflictOfInterest
Description
Not published
Document Type
conflictOfInterest
Entry 2
Id
A-2310
Format
application/zip
Document Type
biddingDocuments
Entry 3
Id
A-2311
Format
application/vnd.openxmlformats-officedocument.wordprocessingml.document
Description
Draft Contract Award Form
Document Type
biddingDocuments
Entry 4
Id
A-2312
Format
application/vnd.openxmlformats-officedocument.wordprocessingml.document
Description
Mid-Tier Core Terms
Document Type
biddingDocuments
Entry 5
Id
A-2313
Format
application/vnd.openxmlformats-officedocument.wordprocessingml.document
Description
Competitive Flexible Procedure Document
Document Type
biddingDocuments
Entry 6
Id
A-2314
Format
application/vnd.openxmlformats-officedocument.wordprocessingml.document
Description
Procurement Specific Questionnaire
Document Type
biddingDocuments
Entry 7
Id
033324-2025
Format
text/html
Notice Type
UK4
Description
Tender notice on Find a Tender
Document Type
tenderNotice
Published
18 Jun 2025, 14:04

Planning and budget

Documents

Entry 1
Id
019087-2025
Format
text/html
Notice Type
UK1
Description
Pipeline notice on Find a Tender
Document Type
plannedProcurementNotice
Published
6 May 2025, 13:15

Buyer, suppliers and contacts

Organisation 1
Id
GB-COH-09136445
Name
LONDON LGPS CIV LIMITED

Roles

buyer

Address

Region
UKI44
Country
GB
Locality
London
Postal Code
SE1 0NZ
Country Name
United Kingdom
Street Address
4th Floor, 22 Lavington Street

Details

Classifications

Entry 1
Id
publicAuthoritySubCentralGovernment
Scheme
UK_CA_TYPE
Description
Public authority - sub-central government

Identifier

Id
09136445
Scheme
GB-COH

Contact

Additional Identifiers

Entry 1
Id
PQBW-9692-CYCW
Scheme
GB-PPON
Organisation 2
Id
GB-COH-BR002088
Name
STATE STREET BANK AND TRUST COMPANY

Roles

tenderer

Address

Region
UKI42
Country
GB
Locality
London
Postal Code
E14 5HJ
Country Name
United Kingdom
Street Address
20 Churchill Place

Details

Vcse
No
Scale
large

Identifier

Id
BR002088
Scheme
GB-COH

Additional Identifiers

Entry 1
Id
PGHV-1511-CVPV
Scheme
GB-PPON
Organisation 3
Id
GB-COH-03236121
Name
THE BANK OF NEW YORK MELLON (INTERNATIONAL) LIMITED

Roles

tenderer

Address

Region
UKI31
Country
GB
Locality
London
Postal Code
EC4V 4LA
Country Name
United Kingdom
Street Address
160 Queen Victoria Street

Details

Vcse
No
Scale
large

Identifier

Id
03236121
Scheme
GB-COH

Additional Identifiers

Entry 1
Id
PZCG-3455-YGLM
Scheme
GB-PPON
Organisation 4
Id
GB-COH-BR025038
Name
THE BANK OF NEW YORK MELLON

Roles

tenderer

Address

Region
UKI31
Country
GB
Locality
New York
Postal Code
EC4V 4LA
Country Name
United Kingdom
Street Address
240 Greenwich Street

Details

Vcse
No
Scale
large

Identifier

Id
BR025038
Scheme
GB-COH

Additional Identifiers

Entry 1
Id
PHHX-8877-HNCX
Scheme
GB-PPON
Organisation 5
Id
GB-COH-03929218
Name
NORTHERN TRUST GLOBAL INVESTMENTS LIMITED

Roles

supplier
tenderer

Address

Region
UKI42
Country
GB
Locality
London
Postal Code
E14 5NT
Country Name
United Kingdom
Street Address
50 Bank Street

Details

Vcse
No
Scale
large
Sheltered Workshop
No
Public Service Mission Organization
No

Identifier

Id
03929218
Scheme
GB-COH

Contact

Additional Identifiers

Entry 1
Id
PNMY-4934-MNZX
Scheme
GB-PPON
Organisation 6
Id
GB-COH-09270336
Name
OPUS NEBULA

Roles

supplier

Address

Region
UKH23
Country
GB
Locality
Berkhamsted
Postal Code
HP4 1AA
Country Name
United Kingdom
Street Address
271 High Street

Details

Vcse
No
Scale
sme
Sheltered Workshop
No
Public Service Mission Organization
No

Identifier

Id
09270336
Scheme
GB-COH

Contact

Additional Identifiers

Entry 1
Id
PBBM-2431-GZRW
Scheme
GB-PPON

Award information

Award 1
Id
1
Date
4 Dec 2025, 00:00
Status
pending
Has Options
Yes
Has Renewal
Yes
Above Threshold
Yes
Main Procurement Category
services
Assessment Summaries Date Sent
4 Dec 2025, 00:00

Items

Item 1
Id
1
Related Lot
1

Delivery locations

Entry 1
Region
UK
Country
GB
Country Name
United Kingdom

Additional Classifications

Entry 1
Id
66150000
Scheme
CPV
Description
Financial markets administration services
Entry 2
Id
66160000
Scheme
CPV
Description
Trust and custody services
Entry 3
Id
66600000
Scheme
CPV
Description
Treasury services
Item 2
Id
3
Related Lot
3

Delivery locations

Entry 1
Region
UK
Country
GB
Country Name
United Kingdom

Additional Classifications

Entry 1
Id
66150000
Scheme
CPV
Description
Financial markets administration services
Entry 2
Id
66160000
Scheme
CPV
Description
Trust and custody services
Entry 3
Id
66600000
Scheme
CPV
Description
Treasury services

Value

Currency
GBP
Including VAT
18,480,000

Options

Description
Lot 3 catered for the adoption of additional services that might be required in the future.

Renewal

Description
Subject to satisfactory performance and the continuance of requirements

Documents

Entry 1
Id
079676-2025
Format
text/html
Notice Type
UK6
Description
Contract award notice on Find a Tender
Document Type
awardNotice
Published
4 Dec 2025, 11:52

Suppliers

Supplier 1
Id
GB-COH-03929218
Name
NORTHERN TRUST GLOBAL INVESTMENTS LIMITED

Milestones

Entry 1
Id
1
Type
futureSignatureDate
Status
scheduled
Due
16 Dec 2025, 23:59

Related lots

1
3

Contract period

Ends
31 Dec 2029, 23:59
Starts
1 Jan 2026, 00:00
Max Extent Date
31 Dec 2033, 23:59

Standstill Period

Ends
15 Dec 2025, 23:59
Award 2
Id
2
Date
4 Dec 2025, 00:00
Title
Client Reporting Services
Status
pending
Has Renewal
Yes
Above Threshold
Yes
Main Procurement Category
services
Assessment Summaries Date Sent
4 Dec 2025, 00:00

Items

Item 1
Id
2
Related Lot
2

Delivery locations

Entry 1
Region
UK
Country
GB
Country Name
United Kingdom

Additional Classifications

Entry 1
Id
48440000
Scheme
CPV
Description
Financial analysis and accounting software package
Entry 2
Id
72510000
Scheme
CPV
Description
Computer-related management services

Value

Currency
GBP
Including VAT
523,678

Renewal

Description
Subject to satisfactory performance and the continuance of the requirement

Documents

Entry 1
Id
079676-2025
Format
text/html
Notice Type
UK6
Description
Contract award notice on Find a Tender
Document Type
awardNotice
Published
4 Dec 2025, 11:52

Suppliers

Supplier 1
Id
GB-COH-09270336
Name
OPUS NEBULA

Milestones

Entry 1
Id
1
Type
futureSignatureDate
Status
scheduled
Due
16 Dec 2025, 23:59

Related lots

2

Contract period

Ends
31 Dec 2028, 23:59
Starts
1 Jan 2026, 00:00
Max Extent Date
31 Dec 2033, 23:59

Standstill Period

Ends
15 Dec 2025, 23:59

Recorded locations

  • Buyer location · London · UKI44 · SE1 0NZ · United Kingdom
  • Delivery location · UKC · United Kingdom
  • Delivery location · UKD · United Kingdom
  • Delivery location · UKE · United Kingdom
  • Delivery location · UKF · United Kingdom
  • Delivery location · UKG · United Kingdom
  • Delivery location · UKH · United Kingdom
  • Delivery location · UKI · United Kingdom
  • Delivery location · UKJ · United Kingdom
  • Delivery location · UKK · United Kingdom
  • Delivery location · UK · United Kingdom

Notice and amendment history

1 published notice version reviewed by ProcuraAxis.

1 VERSION
  1. ocds-h6vhtk-050d18-2025-12-04T11:52:09ZPipeline notice on Find a Tender ·