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The Northland Regional Council (NRC) has put administration of its nearly $70 million funding fund in play after calling for expressions of curiosity final week.
In a proposal doc, the NRC says candidates should “have the skilled expertise and experience that may be moderately anticipated of knowledgeable funding advisory service”.
Auckland-based actuarial consulting agency, EriksensGlobal, serves as incumbent adviser to the Northland fund with the Council flagging an analogous association in its seek for alternate options.
“Beforehand these companies have been supplied by an unbiased funding advisor/advisory agency,” the Council proposal utility says. “Going ahead we want to procure a contract with an unbiased funding advisor/advisory agency.”
The NRC can also be not on the lookout for a radical portfolio overhaul, noting all candidates for the consulting gig should handle the fund in “accordance with a Assertion of Funding Coverage and Aims [SIPO]”.
“We don’t need proposals that search to diverge administration of the fund away from the funding insurance policies and aims as described within the SIPO,” the registration of curiosity doc says.
Considerably unusually, nevertheless, candidates should additionally submit payment schedules for all the present NRC fund supervisor line-up.
In reply to a question, the Council notes: “The intention is for respondents to offer the payment buildings of the present (current) underlying funding managers as listed within the SIPO.”
However the stipulation could flip off potential candidates given consulting companies typically negotiate bespoke wholesale charges with favoured managers.
Candidates should additionally verify they don’t obtain commissions or different incentives from managers within the portfolio.
The SIPO names nearly 20 underlying funding companies – together with mainstream asset managers Fort Level, Mint, Milford, Harbour, Nanuk, Schroders and BlackRock and a various non-public fairness palette that includes names comparable to Continuity Capital, Direct Capital, Federation and Oriens.
NRC established the fund “to advertise enterprise improvement in Northland and stabilise the affect of enormous irregular infrastructure tasks on the Council’s revenue and capital necessities”.
events can have till July 28 to lodge an utility with a short-list due by August 11 forward of a brief request for proposal interval beginning on August 14: the winner begins the contract, valued at below $100,000 per 12 months, on September 1.
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