Active emerging market equity investment management services
Closed Pre-Solicitation Posted
- Solicitation number
- 1567
- Responses due
- Set-aside
- No set-aside
Opportunity facts
- NAICS code
- 523940 Portfolio Management and Investment Advice
- PSC
- R710 Support- Management: Financial
- Place of performance
- Washington, District of Columbia, United States
- Points of contact
Notice details come from SAM.gov. Updated .
About this opportunity
The Pension Benefit Guaranty Corporation (PBGC) is seeking active emerging market equity investment management services for a long-only international emerging market equity portfolio with allocations ranging from $250-$400 million. The contract aims to secure an investment manager capable of consistently exceeding the MSCI Emerging Markets Index on a risk-adjusted basis, structured as a commingled trust fund for ERISA beneficial owners. Key contract requirements include providing comprehensive investment management services, including portfolio risk management, trading services, fund flows management, custody, proxy voting, and securities lending while maintaining ERISA fiduciary responsibility. The agency is currently conducting a sources sought notice to gather industry feedback on contract preferences, including potential contract types (specifically exploring a "fixed rate variable quantity" model), typical contract lengths, and information security standards. Responses to the pre-solicitation notice are due by December 20, 2024, with potential respondents required to provide detailed information about their business size, socio-economic classifications, and technical capabilities.
The procurement does not have a specific small business set-aside, and the contract will be awarded under NAICS code 523940 for Portfolio Management and Investment Advice. The potential contract duration is being evaluated, with the agency specifically seeking input on whether a 5-year or shorter contract term would be sufficient for implementing investment strategies. While specific award values are not explicitly stated, the portfolio management services will cover $250-$400 million in emerging market equity investments, with an optional emerging markets ex-China strategy. The contract will require extensive reporting, including monthly holdings and performance reports within 8-10 business days, quarterly compliance reports, and annual documentation such as proxy voting reports and disaster recovery test results. Additional requirements include maintaining an ERISA fidelity bond of $5 million, errors/omissions coverage of $10 million, and comprehensive data security protocols with 60-minute breach notification requirements.
Notice text
4 versions
Update #4 · Latest ·
The PBGC is seeking industry's response in the following 12 questions:
- Please confirm your interest in submitting a proposal in response to this investment management requirement should PBGC issue a request for proposal (RFP). In your response, please provide your business size (small or other than small) based on NAICS 523940. If your firm is classified as a small business, please provide your socio-economic category (e.g., women-owned small business (SAM)), if any, as listed on SAM.gov or the Small Business Administration (SBA)’s small business dynamic search.
- PBGC is considering a “fixed rate variable quantity” contract type for this investment management contract. In this contract type, the investment manager’s earnings are calculated based on the contracted “fixed-rate” percentage multiplied by the dollar value of the assets they manage, rather than being paid a flat fee regardless of the value of the assets they manage. Please confirm that a “fixed rate variable quantity” contract type is customary for investment management services in this industry. If this contract type is used, do you anticipate submitting a proposal for these investment management services?
- Are there any other contract types customary for investment management services? If so, please describe additional contract types.
- Additionally, please confirm that a firm fixed price (FFP) contract type, where a flat fee is paid regardless of the value of the assets managed, is not customary for these investment management services. If a firm fixed price (flat fee) contract type were used, do you anticipate submitting a proposal for these investment management services?
- Do you have any recommendations for the agency to consider regarding contract type for these services?
- What is the typical length for investment management contracts? Do you have any suggestions for the agency to consider, regarding contract length, for these services?
- Does a contract length of five (5) years or fewer provide too little time to implement investment strategies?
- Does a contract length of ten (10) years provide too little time to implement investment strategies?
- If the contract were five (5) years or fewer, do you anticipate submitting a proposal for these investment management services?
- If a contract length were ten (10) years or fewer, do you anticipate submitting a proposal for these investment management services?
- Would the contract length influence your decision to submit a proposal for these investment management services?
- Which information security standards does your firm utilize? i.e. NIST, ISO.
I also included the draft Statement of Work, draft solicitation Section H - Special Contract Requirements and Section I - Contract Clauses for industry's feedback.
Please e-mail your response to Diahanna A. Bradley, at bradley.diahanna@pgbc.gov. In your response, ensure that you fully identify your firm and POC.
We look forward to your responses and thank you in advance for assisting in refining the PBGC's requirements.
*Disclaimer*
This announcement constitutes as a Request for Information (RFI) for the purpose of determining market capability of sources and obtaining additional information. It does not constitute as a Request for Proposal (RFP), a Request for Quote (RFQ) or an indication that the Government will contract for any of the items and /or services discussed in this notice. Any formal solicitation that may subsequently be issued will be announced seperately. Information on the specific topics of interest is provided in the announcement. Neither the PBGC nor any other part of the Federal Government will be responsible for any cost incurred by responders in furnishing this information.
Update #3 ·
The PBGC is seeking industry's response in the following 12 questions:
- Please confirm your interest in submitting a proposal in response to this investment management requirement should PBGC issue a request for proposal (RFP). In your response, please provide your business size (small or other than small) based on NAICS 523940. If your firm is classified as a small business, please provide your socio-economic category (e.g., women-owned small business (SAM)), if any, as listed on SAM.gov or the Small Business Administration (SBA)’s small business dynamic search.
- PBGC is considering a “fixed rate variable quantity” contract type for this investment management contract. In this contract type, the investment manager’s earnings are calculated based on the contracted “fixed-rate” percentage multiplied by the dollar value of the assets they manage, rather than being paid a flat fee regardless of the value of the assets they manage. Please confirm that a “fixed rate variable quantity” contract type is customary for investment management services in this industry. If this contract type is used, do you anticipate submitting a proposal for these investment management services?
- Are there any other contract types customary for investment management services? If so, please describe additional contract types.
- Additionally, please confirm that a firm fixed price (FFP) contract type, where a flat fee is paid regardless of the value of the assets managed, is not customary for these investment management services. If a firm fixed price (flat fee) contract type were used, do you anticipate submitting a proposal for these investment management services?
- Do you have any recommendations for the agency to consider regarding contract type for these services?
- What is the typical length for investment management contracts? Do you have any suggestions for the agency to consider, regarding contract length, for these services?
- Does a contract length of five (5) years or fewer provide too little time to implement investment strategies?
- Does a contract length of ten (10) years provide too little time to implement investment strategies?
- If the contract were five (5) years or fewer, do you anticipate submitting a proposal for these investment management services?
- If a contract length were ten (10) years or fewer, do you anticipate submitting a proposal for these investment management services?
- Would the contract length influence your decision to submit a proposal for these investment management services?
- Which information security standards does your firm utilize? i.e. NIST, ISO.
I also included the draft Statement of Work, draft solicitation Section H - Special Contract Requirements and Section I - Contract Clauses for industry's feedback.
In your response, please ensure that you fully identify your firm and POC.
We look forward to your responses and thank you in advance for assisting in refining the PBGC's requirements.
*Disclaimer*
This announcement constitutes as a Request for Information (RFI) for the purpose of determining market capability of sources and obtaining additional information. It does not constitute as a Request for Proposal (RFP), a Request for Quote (RFQ) or an indication that the Government will contract for any of the items and /or services discussed in this notice. Any formal solicitation that may subsequently be issued will be announced seperately. Information on the specific topics of interest is provided in the announcement. Neither the PBGC nor any other part of the Federal Government will be responsible for any cost incurred by responders in furnishing this information.
Update #2 ·
The PBGC is seeking industry's response in the following 12 questions:
- Please confirm your interest in submitting a proposal in response to this investment management requirement should PBGC issue a request for proposal (RFP). In your response, please provide your business size (small or other than small) based on NAICS 523940. If your firm is classified as a small business, please provide your socio-economic category (e.g., women-owned small business (SAM)), if any, as listed on SAM.gov or the Small Business Administration (SBA)’s small business dynamic search.
- PBGC is considering a “fixed rate variable quantity” contract type for this investment management contract. In this contract type, the investment manager’s earnings are calculated based on the contracted “fixed-rate” percentage multiplied by the dollar value of the assets they manage, rather than being paid a flat fee regardless of the value of the assets they manage. Please confirm that a “fixed rate variable quantity” contract type is customary for investment management services in this industry. If this contract type is used, do you anticipate submitting a proposal for these investment management services?
- Are there any other contract types customary for investment management services? If so, please describe additional contract types.
- Additionally, please confirm that a firm fixed price (FFP) contract type, where a flat fee is paid regardless of the value of the assets managed, is not customary for these investment management services. If a firm fixed price (flat fee) contract type were used, do you anticipate submitting a proposal for these investment management services?
- Do you have any recommendations for the agency to consider regarding contract type for these services?
- What is the typical length for investment management contracts? Do you have any suggestions for the agency to consider, regarding contract length, for these services?
- Does a contract length of five (5) years or fewer provide too little time to implement investment strategies?
- Does a contract length of ten (10) years provide too little time to implement investment strategies?
- If the contract were five (5) years or fewer, do you anticipate submitting a proposal for these investment management services?
- If a contract length were ten (10) years or fewer, do you anticipate submitting a proposal for these investment management services?
- Would the contract length influence your decision to submit a proposal for these investment management services?
- Which information security standards does your firm utilize? i.e. NIST, ISO.
I also included the draft Statement of Work, draft solicitation Section H - Special Contract Requirements and Section I - Contract Clauses for industry's feedback.
In your response, please ensure that you fully identify your firm and POC.
We look forward to your responses and thank you in advance for assisting in refining the PBGC's requirements.
Update #1 ·
The PBGC is seeking industry's response in the following eight questions:
- Please confirm your interest in submitting a proposal in response to this investment management requirement should PBGC issue a request for proposal (RFP). In your response, please provide your business size (small or other than small) based on NAICS 523940. If your firm is classified as a small business, please provide your socio-economic category (e.g., women-owned small business (SAM)), if any, as listed on SAM.gov or the Small Business Administration (SBA)’s small business dynamic search.
- PBGC is considering a “fixed rate variable quantity” contract type for this investment management contract. In this contract type, the investment manager’s earnings are calculated based on the contracted “fixed-rate” percentage multiplied by the dollar value of the assets they managed, rather than being paid a flat fee regardless of the value of the assets they manage. Please confirm that a “fixed rate variable quantity” contract type is customary for investment management services in this industry.
- Are there any other contract types customary for investment management services?
- Additionally, please confirm that a firm fixed price contract type where a flat fee is paid regardless of the value of the assets managed is not customary for these investment management services. If a firm fixed price (flat fee) contract type were used, would you submit a proposal for these investment management services?
- What is the typical length for investment management contracts?
- Does a contract length of 5 years or fewer provide too little time to implement investment strategies?
- If the contract were 5 years or fewer, would you submit a proposal for these investment management services?
- Which information security standards does your firm utilizes? i.e. NIST, ISO.
In your response, please ensure that you fully identify your firm and POC.
We look forward to your responses and thank you in advance for assisting in refining the PBGC's requirements.
Files
| File | Type | Posted |
|---|---|---|
| Active EME Draft Terms and Conditions Section I Clauses.pdf | ||
| Active EME Draft Terms and Conditions Sections H and I.docx | DOCX document | |
| PBGC DRAFT RFP 16PBGC25RXXXX Attachment 1 - Statement of Work.docx | DOCX document |
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