DD2154 Tender for Treasury Advisor for the Group Investment Syndicate

Type of decision: 
Director's decision
Code: 
DD2154
Date signed: 
22 August 2017
Decision by: 
Tom Middleton, Assistant Director of Finance and Governance

Executive summary

The Treasury Advisory Service for the Group Investment Syndicate expires at the end of March 2018.        

This DD seeks authority to incur expenditure on the services from April 2018.

 

Decision

That the Executive Director of Resources approves expenditure of up to £150,000 on  Treasury Advisory Services for the GLA’s Group Investment Syndicate for a period of up to 5 years commencing on 1 April 2018.

 

Part 1: Non-confidential facts and advice

Introduction and background

The existing contract for Treasury Advisory Services for the Group Investment Syndicate (GIS) expires at the end of March 2018. There is a need to competitively tender this contract as it is estimated that the value of contract over 3 years, plus option to renew for 2 years, could be up to £150,000.

The two essential elements required of the Treasury Advisory Service are provision of:

-    financial information concerning counter-party creditworthiness and other relevant financial information for the discharge of the GLA’s treasury function; and

-    advice to the GIS collectively, and GIS syndics individually, as an independent check on the GLA’s treasury function.
 

Objectives and expected outcomes

Competitively tendering this contract will allow the GLA to test the market for the provision of this service and enable the continuation of these services from 1 April 2018 onwards for 3 years, with an option to extend for a further two years.

 

Equality comments

The Treasury Advisory Service is a key element in providing an efficient treasury service which in turn underpins the Authority’s finances and its ability to promote the Mayor’s policies on diversity and social inclusion. In awarding the contract the Executive Director of Resources will have particular regard to his Public Sector Equality Duty.

 

Other considerations

At present with the expansion of the GIS to London Boroughs, the Syndicate has inherited two treasury advisors. The tendering of this contract will lead to the appointment of one advisor for all GIS members.

 

Financial comments

The Group Finance budget includes provision to cover the costs of the Treasury Advisory service.

 

Planned delivery approach and next steps

 

Activity

Timeline

Expressions of interest invited for competing for the contract

September 2017

Tender documentation issued to those expressing an interest and returned

October 2017

Award of contract

November / December 2017

Finalisation of contract

Jan / Feb 2018

Delivery Start

April 2018

 


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