AFRICAN DEVELOPMENT BANK GROUP
STAFF RETIREMENT PLAN
REF: AFDB/SRPU/RFP/PAMS-2020
REQUEST FOR EXPRESSIONS OF INTEREST
PENSION ASSET MANAGEMENT SERVICES
- The African Development Bank (“ADB” or “the Bank”) is a multilateral development finance institution, established in 1964 with a mandate to further the economic development and social progress of African countries, individually and collectively. The Bank currently has 54 African member countries regional member countries-RMCs) and 27 non-African member countries (non-RMCs) (https://www.afdb.org/en/about-us/corporate-information/members) ;
- The Staff Retirement Plan (SRP or the Plan) of the ADB is a “contributory defined benefit (DB)/defined contribution (DC) scheme” where entitlements of members are accrued on the basis of :
- Their final average salary and years of contributory membership in the DB component and ;
- Accumulations of mandatory contributions in the DC component, plus ;
- Accumulations of voluntary contributions in the DC component.
- Interested companies are hereby invited to express their interests in providing Global Asset Management Services to the Staff Retirement Plan (SRP or the Plan) of the ADB ;
- If you believe that your company meets our requirements and would like to be considered as a potential candidate, please submit your company details, including the following information ;
- Summary page :
- Company Name……………………………
- Headquarters (country): …………………
- Physical Address……………………………
- Contact person………………………………
- Email……………………………………
- Additional information
Country of Incorporation :
- Indicate experience in providing Asset Management Services to Pension Scheme of international pensions (half a page answer) ;
- Experience in providing other investment related services to International Financial Institutions and large public or private companies (half a page answer).
- The scope of the Asset Management Services includes the following, in addition to other regulatory and contractual responsibilities :
- Act as an agent who performs investment management services on behalf of the SRP, provide oversight and careful responsible management of the investments ;
- Invest the assets according to the Guidelines adopted by the Investment Committee of the Pension Plan ;
- Implement immediately any tactical asset allocation adopted by the Investment Committee ;
- Rebalance the portfolio composition on a periodic basis as necessary to comply with Guideline allocations ;
- Comply with standard reporting expectations: performance summary reports are due monthly and quarterly, performance to be shown in SDR and in USD; reports to include assets values and costs, and performance at various periods. portfolio appraisals, performance evaluation and attribution, tracking error, risk ratios and trading activities, at a minimum ;
- Participate in Investment Committee meetings and financial webinars organized by the Plan to exchange with its members ;
- Securing and voting in the Plan’s interest in all tender offers, mergers, recapitalizations, and taking all corporate actions involving the portfolio ;
- Keep and maintain records of all such corporate actions, and, on a quarterly basis, provide the Plan with a detailed written report, identifying the company, the number of shares held in the company, the issue on which the vote was taken, and the action taken by the Investment Manager ;
- Provide needed data input for the actuarial valuations of the Pension Plan, upon request and in a timely manner ;
- Provide answers to the internal and external auditors of the Pension Plan, upon request and in a timely manner ;
- Preserve the confidentiality of all records of the Pension Plan and to make them available to the Bank or its agents upon request ;
- Divulge changes in key staff, corporate actions involving the asset manager, legal actions involving the asset manager and share a copy of documents periodically filed with Regulatory authorities ;
- Disclose potential conflicts of interest arising from the provision of advice and/or asset management services ;
- Effectively control costs incurred on behalf of SRP along the asset management value.
African Development Bank, Staff Retirement Plan chain to enable SRP to get value for money when using outside services; and Any other investment related services, as needed.
- To be eligible, a Firm must be a national/have its legal status in accordance with the laws of a member country of the African Development Bank (https://www.afdb.org/en/about-us/corporate-information/members) the majority of the beneficiary interest is owned by nationals of member countries of the Bank ;
- Please submit your expressions of interest by email using the following address : Plan_administrator@afdb.org, with the reference (REF: AFDB/SRPU/RFP/PAMS-2020) by Monday 28 December 2020 at 6:00 PM GMT. EOIs shall be ranked by score and up to six successful proponents will be supplied with a Request for Proposal. Only invited candidates will be contacted ;
- It is required that all consultants and consulting firms of the Bank be registered in our database of using the following link : https://econsultant.afdb.org:44356/welcomedacon# ;
- We look forward to receiving your “Expression of Interest” and thank you for your interest in the African Development Bank and the Staff Retirement Plan.