The Swedish Fund Selection Agency (Fondtorgsnämnden, FTN) said it expects that errors and ambiguities in its procurement material – which have led to deadline extensions several times – will lessen as its work progresses.
The authority was formed three years ago for the huge task of procuring good quality investment funds for the revamped premium pension funds platform.
Last week, the FTN extended the deadline for its SEK200bn (€17.4bn) tender process for actively managed global equity funds for the third time, citing inter alia corrections it had to make to its instructions as a reason more time was being given to bidders.
The Swedish Investment Fund Association (Fondbolagens förening) criticised the agency for mistakes that it said seemed avoidable, but also said clarifications were a natural part of the procurement process.
Asked to comment on the fact tenders had frequently been extended, a spokeswoman for the FTN’s investment due diligence department told IPE the agency was committed to continuously improving its processes to ensure a smooth and accurate experience for tenderers.
“Our procurement material is extensive, complex, and bilingual. Sometimes, this has resulted in typographical errors and ambiguous wording that can be interpreted in multiple ways,” she said.
“We have corrected these issues, which sometimes have necessitated extending the tender period. As we conduct more procurements, we expect these occurrences to diminish over time,” the spokeswoman added.
The FTN believed it was preferable to clarify any ambiguities and extend tender deadlines rather than risk rejecting a tender due to avoidable errors later in the process, she continued.
“Our goal is to receive as many accurately completed tenders as possible, which aligns with the best interests of the fund industry,” she said.
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