Request to offer Depositary Bank Services

Transcription

1 Request to offer Depositary Bank Services Cassa di Previdenza Integrativa per il Personale dell Istituto Bancario San Paolo di Torino and Fondo Pensioni del Gruppo Sanpaolo-IMI (the Pension Schemes ), during Board Meetings held respectively on Mar., 14th 2012 and Mar., 23rd 2012, resolved to initiate the selection of a Depositary Bank, compliant to Italian Law D.Lgs 252/05 art.7. At the same time, the Pension Schemes started a process of inquiry about the services of Depositary Bank and Central Administration for Luxemburg based UCITs, in order to identify a candidate to submit to FPSPI SICAV ( FPSPI ), a self-managed UCIT IV SICAV of which the Pension Schemes are initiators and though which they manage the majority of their assets. FPSPI has been informed about decisions of the Pensions Schemes. The Committee that will follow the above described process is formed by members who are specifically designated by the Boards of the Pension Schemes. As of Dec., 31 st 2011, the total asset of the Fondo Pensioni del Gruppo Sanpaolo-IMI amounted to Mil.. As of Dec., 31 st 2011, the total asset of the Cassa di Previdenza Integrativa per il Personale dell Istituto Bancario San Paolo di Torino amounted to 868 Mil.. Contributions to the Pension Schemes, net of pension payments, had been ca. 42 Mil. in As of Dec., 31 st 2011, the total asset of the FPSPI amounted to Mil., divided in 8 subfunds. The Pension Schemes invests in the above mentioned FPSPI, and, ancillary, in real estates, real estate holdings, close-end funds, insurances for a total 485 Mil.. The Candidate for Depositary Bank services in Italy (the Italian Candidate ) is requested to make an offer on all the activities required by the current Italian Law on Pension Funds and to be compliant with said Law. Please be informed that the selected Italian Depositary Bank will have the duty to notify any irregularity to the Italian Authority. Moreover, the Italian Candidate is requested to acknowledge all controls made on FPSPI by the appointed subject and fully integrate them in his own systems in order to control the total asset of the Pensions Schemes without any duplication. Any joint candidacy of an Italian Candidate together with a Luxemburg Candidate (as 1

2 defined below) will be a preferred option during the evaluation process of the selection. Concerning the inquiry about the services of Depositary Bank and Central Administration for Luxembourg, the Luxembourg Candidate should be authorized to operate in the Grand Duchy of Luxembourg and that have all legal requirements to offer the following services: Promotership Legal support and compliance monitoring to the current Law Global Custody Fund Administrator Transfer Agent Cloning of the managed accounts on the subfunds of FPSPI Securities lending Risk Management or identification of the third party for the service The offering will be about all services required by Law for Depositary Bank and Central Administration for UCIT IV SICAVs, according to the current Law duties and obligations. The following documentations is required by the Candidates: Complete answers to all questions in the proper Questionnaires (Italian or Luxembourg Candidate) Technical specifications of the offered services as detailed below Self-certification of truth and exhaustiveness of informations provided and selfcertification to fulfill all Law requirements. Both certifications have to be signed by a legal representative agreement to disclose data provided, as of Italian Law D.lgs. 196/2003 proposed fees for each of the modules detailed below, to be send in a non-trasparent closed enveloped with clear indication of Offerta economica Candidato Italiano for Italian Candidate and Offerta economica Candidato Lussemburghese for Luxembourg Candidate, even if case of joint candidacy. It is moreover requested to all Candidates, if selected at the end of the process, to give all information that may be needed to Board of Auditors and Internal Audit of the Pension Schemes for their activity. 2

3 The Italian Candidate is requested to produce a technical documentation and informative material about services of custody, administration, execution and controls on operations, in particular: 1. Custody; 2. IT integration of information about rules and structures of the Pension Schemes; 3. In/outflow management; 4. Controls about portfolio evaluation and compliance with Law investment limits; 5. Administration of current account and securities; 6. Execution of orders, especially concerning procedure to avoid/follow chasing settlements; 7. Reporting with the Pension Schemes, Italian Authority, and third parties that the Pension Schemes may indicate; 8. IT system integration with Pension Schemes and Administration Service; 9. Partnership with the Luxembourg Candidate (if any) 10. Notifications the Italian Authority The Luxembourg Candidate is requested to produce a technical documentation and informative material about: 1. Promotership 2. Global Custody, Fund Administrator, Transfer Agent 3. Legal support 4. Ex-ante and ex-post risk management ex-ante ed ex-post, with focus on controls about Law and Prospectus investment limits 5. Cloning 6. Securities Lending All Candidates are requested to specify, both in the technical documentation and when answering the questionnaires, if services are performed by third parties ( outsourcer ) that should be clearly identified and described in order to be assessed by the Pension Schemes. 3

4 The modules for the proposed fees are as follows: For the Italian Candidate, express a percentage fee on the basis of the assets of the Pension Schemes, as previously indicated: 1. Depositary Bank 2. Data integration with Luxembourg Bank For the Italian Candidate, express a percentage fee on the basis of the FPSPI assets, as previously indicated: 1. Promotership 2. Depositary Bank 3. Calculation Agent 4. Risk Management 5. Legal Support 6. Securities Lending (expressed as withheld percentage on the total lent) Fees should regard on-going services: start-up costs should be evaluated separately. Any other service should be priced separately. Documentation must be in Italian and must be sent to the Pension Schemes at the following address: SELEZIONE BANCA DEPOSITARIA Cassa di Previdenza e Fondo Pensioni Gruppo Sanpaolo-IMI Corso Turati, Torino no later than Sep., 24 th 2012 h CET. All Candidates are requests moreover to send all documentation (with the exclusion of fee proposals) in electronic format to the following addresses fondopensioni.sanpaoloimi@intesasanpaolo.com and selezione@prometeiaadvisor.it within the same date. 4

5 Selected Italian Candidate shall guarantee full implementation of all services in 60 days from the signing of agreements. Selected Luxembourg Candidate shall guarantee full implementation of all services in 90 days from the signing of novation agreements. Any agreement will have an early termination clause with the duty to continue any services until further counterparty would be identified. This invitation does not imply any obligation or duty for the Pension Schemes or FPSPI to sign any agreement with the Candidates or any rights for Candidates against the Pension Schemes or FPSPI. Pension Schemes may ask further data or information to any Candidate and may ask them for interview. Final evaluation and judgment will be unquestionable and will be taken by the Pension Schemes with full independence. Turin, 7 th August