Description du poste
1. BackgroundThe African Academy of Sciences (AAS) has established an Endowment Fund to support its long-term financial sustainability and strategic objectives.Historically, the Fund has been invested in short-term fixed deposits with reputable commercial banks in Kenya. In line with global best practices in long-term endowment management, and in pursuit of enhanced returns while maintaining prudent capital preservation, AAS seeks to appoint a qualified and experienced Fund Manager to professionally manage and invest the Endowment Fund.2. Investment ObjectivesThe primary objectives of the Endowment Fund are to:* Preserve capital in real terms, ensuring protection against inflation. * Generate sustainable, competitive, risk-adjusted returns over the medium to long term. * Maintain adequate liquidity to meet the Academy’s obligations, where applicable.3. Role of the Fund ManagerThe Fund Manager shall:* Manage the Academy’s Endowment Fund in accordance with agreed investment guidelines. * Achieve competitive, risk-adjusted returns in a prudent and sustainable manner. * Ensure capital preservation, liquidity, and compliance with all applicable regulatory requirements. * Provide transparent, accurate, and timely reporting directly to the AAS Governing Council.4. Scope of Services4.1 Investment ManagementThe Fund Manager shall:* Develop and implement a comprehensive investment strategy aligned with the Academy’s objectives, risk tolerance, and investment horizon. * Invest the Endowment Fund across appropriate asset classes, including but not limited to fixed income securities, money market instruments, equities, and other approved investments. * Ensure appropriate portfolio diversification to optimise returns while managing risk. * Continuously monitor market conditions and rebalance the portfolio as necessary.4.2 Advisory ServicesThe Fund Manager shall:* Provide market insights, economic outlooks, and strategic investment recommendations. * Advise on asset allocation, risk management, and emerging investment opportunities. * Recommend updates to the investment strategy, supported by clear analysis and justification. * Provide guidance on best practices in endowment governance and fiduciary management.4.3 Reporting and AccountabilityThe Fund Manager shall:* Submit quarterly and annual investment performance reports to the AAS Governing Council. * Ensure reports include: * Portfolio valuation and performance against agreed benchmarks * Asset allocation and changes during the reporting period * Risk assessment and compliance status * Market outlook and recommended actions * Attend meetings of the AAS Governing Council or relevant committees to present performance updates and respond to queries.4.4 Compliance and Risk ManagementThe Fund Manager shall:* Ensure full compliance with Kenyan regulatory requirements and relevant international investment standards. * Maintain robust internal controls, risk management frameworks, and high ethical standards.5. Governance and Reporting Lines* The Fund Manager shall operate independently under the oversight of the AAS Governing Council. * The Fund Manager shall report to the AAS Governing Council, with administrative coordination through the Academy’s Secretariat.6. DeliverablesThe Fund Manager shall provide:* An agreed Investment Policy Statement (IPS) or formal investment mandate. * Quarterly and annual performance reports. * Periodic strategic briefings to the AAS Governing Council. * Additional reports or information as reasonably requested by AAS.7. Duration of Engagement* The initial contract shall be for a period of two (2) years. * The contract may be renewed subject to satisfactory performance and mutual agreement. * Annual performance reviews shall be conducted by the Governing Council.8. Qualifications and ExperienceThe Fund Manager must demonstrate:* Valid licensing and registration with relevant regulatory authorities. * Proven experience in managing institutional funds or endowments of comparable size. * A strong track record of delivering competitive, risk-adjusted returns. * Adequate staffing, systems, governance structures, and operational capacity. * The ability to provide transparent, timely, and high-quality reporting.9. Fees and ExpensesThe Fund Manager shall propose a transparent and competitive fee structure, including management fees, performance fees (if applicable), and any other associated costs. All fees and expenses must be fully disclosed upfront.10. Submission of proposalAll interested bidders are required to pay a non-refundable tender security fees of Kenya Shillings Six Thousand Five Hundred (KES 6,500) or United States Dollars Fifty (USD 50) prior to submitting their proposals to either of the below bank accounts:Account nameBank Name & BranchAccount NumberCurrencyAfrican Academy of SciencesNCBA, Karen Branch1349860245KesAfrican Academy of SciencesNCBA, Karen Branch1349860237UsdBidders must attach proof of payment to their proposal. Failure to provide evidence of payment shall result in automatic disqualification. The fee is non-refundable and does not guarantee the award of the contract.HOW TO APPLYQualified and interested firms are invited to submit their technical and financial proposals electronically to: [email protected] All proposals must be received no later than Friday, 13 March 2026- 5pm. Late submissions will not be considered. AAS reserves the right to accept or reject any proposal and is not bound to appoint any bidder.