The NMC currently has approximately 90 000 000 GBP in cash and has recently decided to allocate funds in the region of 30 000 000 GBP to a successful supplier to manage as long term investments. Our thinking is that the funds will remain invested for the long term and it is highly unlikely access would be required in the next 5-10 years. The investment manager will be provided with clear objectives and given full responsibility to take decisions as to how funds are invested within the framework of our investment policies. We are appointing one manager for this allocation of funds.

We are looking to make better use of our cash holdings which are currently in excess of 90 000 000 GBP. These monies significantly exceed the current working capital requirements. We anticipate allocating funds in the region of 30 000 000 GBP to a successful supplier to manage as long term investments. The NMC is inviting expressions of interest from organisations who wish to enter into a term contract arrangement to provide investment management services. Our thinking is that the funds will remain invested for the long term and it is highly unlikely access would be required in the next 5-10 years. Investment managers will be provided with clear objectives and given full responsibility to take decisions as to how funds are invested within the framework of our investment policy. The investment policy provided sets out in full our objectives and restrictions on investment. It breaks down our investment assets into three portfolios and specific associated policies: short, medium and long term. In this procurement we are seeking an investment manager only for assets held in the long term portfolio. Therefore, a portfolio with a strategic asset allocation which is then tactically adjusted is expected. We are appointing one manager for this allocation of funds.