DD2154 Tender for Treasury Advisor for the Group Investment Syndicate

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.

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.

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.

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.

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

6.1 Under section 127 of the Greater London Authority Act 1999 the GLA has a duty to make arrangements for the proper administration of its financial affairs. Responsibility for the administration of those affairs lies with the Executive Director of Resources as the statutory chief finance officer of the Authority under section 127(2)(b) of the Act. The management of the authority’s treasury function and the development and monitoring of the Treasury strategy fall within this responsibility of the chief financial officer. The GIS operates as a professional technical and administrative function delegated to the GLA under section 401A of the GLA Act 1999, whose members are covered by that provision. The proposed procurement of services may be considered facilitative of the discharge of those duties and functions.

6.2 In taking the decisions requested, the Director must have due regard to the Public Sector Equality Duty; namely the need to eliminate discrimination, harassment, victimisation and any other conduct prohibited by the Equality Act 2010, and to advance equality of opportunity between persons who share a relevant protected characteristic (race, disability, gender, age, sexual orientation, religion or belief, pregnancy and maternity and gender reassignment) and persons who do not share it and foster good relations between persons who share a relevant protected characteristic and persons who do not share it (section 149 of the Equality Act 2010). To this end, the Director should have particular regard to section 4 (above) of this report.

6.3 Officers must ensure that the services required are procured in accordance with the GLA’s Contracts and Funding Code, by TfL Commercial who will determine the procurement strategy and that appropriate contract documentation is put in place and executed by the successful bidder(s) and the GLA before the commencement of the services.