Lønmodtagernes Dyrtidsfond (in the following referred to as ‘LD’) hereby issues an invitation to tender for two contracts regarding Fund Management Services and Depository Services, respectively.

This Procurement Procedure is carried out by LD on behalf of Kapitalforeningen LD (KLD) (Formerly named Den Professionelle Forening LD), in the following referred to as ‘KLD’).

The object of the tender is to contract with a Fund Manager and a Depositary Bank (Global Custodian) regarding the fund management services and depositary services, respectively, of KLD's assets.

The Fund Manager as well as the Depositary Bank each has to fulfil all legal requirements to offer the depositary services and fund management services, respectively, in Denmark.

The object of the tender is to identify and contract with a Fund Manager and a Depositary Bank (Global Custodian) regarding the fund management services and depositary services, respectively, of KLD's assets. LD has in the tender specification described the relevant services and requirements, which will include all regulatory services and furthermore some additional services.

Due to Danish financial regulation, some of the services have to be delivered by the Depository Bank and some of the services have to be delivered by the Fund Manager. However, some services could be delivered either by the Depository Bank or the Fund Manager. LD expects that the Depository Bank and the Fund Manager — with respect of Danish regulation — decide on their own, which of the two is in a better position to deliver such requested services.

With respect to the KLD's day-to-day business and operations, it is of utmost importance that the Depository Bank and the Fund Manager are able to work together and cooperate in an efficient manner and to provide services to the KLD. LD's completed market dialogue meetings furthermore underlined the importance of Fund Managers' and Depository Banks' freedom to pair up and define their corporations beforehand and by themselves, not being forced into a pairing or corporation by LD. Therefore LD (on behalf of KLD) has required a combined tender process of a Depository Bank and a Fund Manager, which have joint experience in providing the requested depositary services and fund management services. The Depository Bank and the Fund Manager are thus required to hand in combined tenders for both contracts, which will be evaluated as such but the Depository Bank and the Fund Manager will in the end — according to legal requirements — be requested to sign two separate contracts governing their offered services, respectively.

Accordingly, LD conducts the tender process for Fund Management Services and Depository Services as one combined tender process including the two separate contracts but with an obligation for the tenderers to ‘pair up’ beforehand and submit a combined tender for both contracts.

Therefore, Tenderers have to ‘team up’ prior to the tender submission. LD will allow an entity to team up in more teams (e.g. the same Depositary can team up with more than one Fund Manager) as long as the legal requirements are fulfilled.

LD refer to the description above in section II.2.4) regarding Lot 1, which is covering both Lot 1 and 2.