KEBS SRBS Provision of Fund Management Services, ref KEBS-SRBS/T001/2026/2027 (Open Tender)

What is being bought

Provision of fund management services for the KEBS Staff Retirement Benefits Scheme-2011 (Kenya Bureau of Standards) for 5 years; the scheme will appoint 2 fund managers. Submission is physical only at KEBS Headquarters, Popo Road off Mombasa Road, Nairobi.

Key facts

Closing

Wed 21 Oct 2026, 11:00 am
Closing: 21 October 2026 at 11:00 (1100hrs East African Time), per Tender Data Sheet and invitation; portal closing time matches. D1 p.29

Bid / tender security

Tender security: bank guarantee from a CBK-licensed commercial bank, Kshs 10,000,000 (Ten Million), valid 212 days from the tender opening date. Original required. D1 p.30

Tender fee

Tender documents cost a non-refundable Kshs 1,000 by banker's cheque for hard copy purchase; electronically downloaded documents are free of charge. D1 p.6

Site visit

Optional
Site visit encouraged at tenderer's own cost and risk; not stated as compulsory. Standard rule D1 p.13

Pre-bid meeting

Optional
No pre-tender conference will be held. Questions in writing must reach the Procuring Entity not later than seven (7) days prior to the closing deadline. D1 p.28

Reserved for

Portal lists no reserved groups. The invitation states tendering is open to all qualified tenderers; no reservation for youth, women, persons with disabilities or AGPO is stated. D1 p.6

Contract value

Not stated in the documents we reviewed Not stated P

Tender opening

Public opening at KEBS Head Office, Popo Road off Mombasa Road (Conference Room 1 per invitation); tenderers' representatives may attend. D1 p.30

Tender validity

Tender validity 182 days from tender closing/opening date. D1 p.29

Who can apply

• Tendering is open to all qualified and interested tenderers; open competitive method. Joint ventures are not allowed (maximum JV members: 'Not allowed'). D1 p.6
• Foreign tenderers must source at least 40% of contract inputs from national suppliers and contractors, and must show evidence; those not meeting this are automatically disqualified. Standard rule D1 p.12

Application checklist

Tick items off as you prepare. Your ticks stay on this device only.

Required from every bidder

• Submit 1 original and 1 copy, perfect bound with all attachments (no spiral binding), paginated continuously 1,2,3...n. D1 p.32
• Evidence of minimum Kshs 35,000,000,000 Assets Under Management for Kenya Segregated Pensions Scheme (as at December 2025), with tabulation of AUM per client. D1 p.33
• Copy of valid Certificate of Registration/Incorporation, certified by Commissioner for Oaths. D1 p.33
• Copy of current KRA Tax Compliance Certificate (verified on KRA TCC checker). D1 p.33
• Valid CR12 Form with ID copies of directors, valid for 6 months from closing date, certified by Commissioner for Oaths. D1 p.33
• Original tender security (bank guarantee) from CBK-licensed commercial bank, Kshs 10,000,000, valid 212 days from opening date. D1 p.33
• Full set of approved audited accounts for last three years (2023, 2024, 2025), signed and stamped by a registered auditor with valid ICPAK practicing license; practicing license of the auditor who signed the qualified opinion for each year must be attached. D1 p.33
• Valid licence as fund manager from Capital Markets Authority, certified by Commissioner for Oaths. D1 p.33
• Valid licence as fund manager from Retirement Benefits Authority, certified by Commissioner for Oaths. D1 p.33
• Valid firm registration by Institute of Certified Investment and Financial Analysts (ICIFA). D1 p.33
• Certificate of independent tender determination, signed and stamped. D1 p.33
• Self-declaration of not being debarred under the Public Procurement and Asset Disposal Act 2015 (FORM SD1), signed and stamped. D1 p.33
• Self-declaration of no corrupt or fraudulent practice (FORM SD2), signed and stamped. D1 p.33
• Declaration and commitment to the code of ethics, signed and stamped; tenderer information form, signed and stamped; Tenderer Eligibility Confidential Business Questionnaire, signed and stamped; Form of Tender signed and stamped; Price schedule signed and stamped. D1 p.33
• Valid professional indemnity of at least KES 100 million. D1 p.33
• Copy of valid current business permit from the County Government where the business is domiciled. D1 p.33
• Signed Power of Attorney for the person transacting on behalf of the bidder; to be certified by commissioner of oaths per ITT 22.3. D1 p.33
• Certificate of registration from the Office of the Data Protection Commissioner as Data Controller and as Data Processor. D1 p.33
• Declaration executed by a director and witnessed by a commissioner for oaths that investment decisions will be independent of undue influence; letter of undertaking authorising the Scheme to obtain confidential information from clients. D1 p.34

Experience, licences and financial capacity

Technical

• Technical scoring (70 marks): experience in pension schemes and number of standalone segregated pension schemes; methodology; key staff (CEO/CFO, Portfolio Manager, Research Analyst); asset class performance vs benchmark 2021-Dec 2025; risk management; systems and IT; value addition. At least ten client recommendation letters on client letterhead addressed to Trust Secretary. D1 p.35
• Minimum technical score 63 out of 70 required to proceed. D1 p.36
• Live presentations (10 marks) for firms meeting technical requirements; bidders must score 70% and above on technical plus presentation to proceed to financial evaluation. D1 p.37

Financial

• Price schedule giving management fee per year as % of assets under management, inclusive of applicable taxes in Kenya Shillings, signed and stamped by the authorised signatory. Financial weighting 20%. D1 p.37
• Contract price fixed for the entire contract duration; prices not subject to adjustment. D1 p.30

How and where to submit

• Physical hard copy only, delivered to The Trust Secretary, KEBS Staff Retirement Benefits Scheme-2011, Popo Road off Mombasa Road, P.O. Box 54974-00200 Nairobi, and deposited in the TENDER Box at KEBS Main Reception. Original and one copy, each sealed in separate envelopes marked ORIGINAL and COPY, placed in an outer sealed envelope. D1 p.29
• Tenders bearing the name and reference number, addressed to the Procuring Entity, marked not to be opened before the opening date; envelopes marked ORIGINAL/COPIES with tenderer name and address. Standard rule D1 p.19
• Tenders too large for the tender box can be received at the Main Reception, KEBS Head office, Off Mombasa Road, behind Bellevue Cinema, Nairobi. D1 p.29

Lots and categories

• Multiple lots are not priced separately; evaluation per the methodology in Section III (two options: award lots per tenderer, or combination with lowest total price). Scheme will appoint 2 fund managers. D1 p.30

What the addenda changed

• No addenda were provided in the reviewed material. Not stated P

Not covered in the documents we reviewed

• Addenda (A1, A2...) were not provided; check for any changes to dates or requirements.
• Section IV tendering forms and Section V Procuring Entity's Requirements (scope/terms of reference) were not provided.
• Contract General and Special Conditions (Sections VI-VII) not reviewed.
• Exact definition of Assets Under Management eligibility and fee schedule details beyond the price schedule form.
• Pages 1-5 and other omitted pages of the bidding document not reviewed.

Terms explained

TDS

Tender Data Sheet: the tender-specific details that override the general Instructions to Tenderers.

Tender security

A bank guarantee or other financial guarantee submitted with the bid to show seriousness; forfeited if the bidder withdraws or fails to sign.

AGPO

Access to Government Procurement Opportunities for youth, women and persons with disability; not reserved in this tender.

MR

Mandatory Requirement: a pass/fail preliminary check; failing one makes the tender non-responsive.

Responsive

Tender that meets all mandatory requirements and conditions without material deviation.

Power of Attorney

Written authority allowing a named person to sign and bind the tenderer.

CR12

Company Registry return listing directors and shareholders, from the Business Registration Service.

JV

Joint Venture: two or more firms bidding together; not allowed in this tender.