Nest has launched a procurement exercise to award a new contract for its fund administration services.
Its current contract, which providers both investment custody and fund administration services expires in October 2025.
Nest — the UK’s largest DC master trust in terms of number of members — is undertaking a formal process to consider the current offerings in the market and how its own services might evolve over the current decade.
The workplace pension provider said it is inviting expressions of interest to provide investment custody, fund administration and related investment services for Nest Corporation. Included within this scope of this contract are: the contract: custodian services, asset allocation and rebalancing services, investment performance measurement, investment compliance monitoring and investment tax services.
Nest says it has developed an increasingly sophisticated investment strategy in recent years as it has expanded its investable asset universe into more illiquid assets and adopted more complex public market investment strategies, such as transitioning pooled funds into segregated accounts.
It says the custody fund administration services are a critical part of Nest’s operating model and long-term success, and any bidder will need to have the capacity and capability to accommodate Nest’s growth and ambition for its 13 million members as the pension scheme continues to evolve.
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