Planning

Agency FX Trading & Cash Equitization Services

BRUNEL PENSION PARTNERSHIP LIMITED

This public procurement record has 1 release in its history.

Planning

27 Mar 2024 at 14:56

Market Engagement Notice
Summary of the contracting process

Brunel Pension Partnership Limited, a UK Local Government Pension Scheme pool, is planning a procurement process for "Agency FX Trading & Cash Equitization Services" in the security brokerage services industry. The engagement end date for this planning stage is set for April 30, 2024. The procurement opportunity aims to identify vendors capable of providing cash equitization and agency FX trading services. Interested parties must submit their capabilities by noon on April 30, 2024, to procurementqueries.brunel@brunelpp.org. Suppliers with experience in streamlined investment processes and agency FX trading without proprietary trading books are encouraged to participate.

This tender from Brunel Pension Partnership Limited presents a business growth opportunity for firms specialising in security brokerage services, portfolio management services, and foreign exchange services. Small and medium-sized enterprises (SMEs) with relevant experience are particularly well-suited to compete. The procurement process includes a soft market test currently, with the potential for a formal contract opportunity notice in the future. Interested businesses can explore providing auxiliary services to complement the core offerings and enhance value for Brunel.

Find more tenders on our Open Data Platform.
How relevant is this notice?

D3 Tenders Premium

Win More Public Sector Contracts

AI-powered tender discovery, pipeline management, and market intelligence — everything you need to grow your public sector business.

Start Free Trial Book a Demo
All Features Pricing

Notice Information

Notice Title

Agency FX Trading & Cash Equitization Services

Notice Description

Brunel Pension Partnership (Brunel) is one of eight UK Local Government Pension Scheme pools, bringing together ~PS35 billion of investments of ten like-minded funds. We are seeking a single vendor to provide a number of specific implementation services. At this stage this opportunity is soft market test only and not a call for competition. The Contracting Authority may or may not subsequently publish a formal contract opportunity notice in the future. The main purpose is to understand how many providers within the market are able to provide both of the below services: 1) Cash Equitization Services We are seeking to "equitize" residual cash within applicable multi-manager funds. This involves applying market exposure through derivatives, retaining access to cash for operational purposes, but attaining market risk premium exposure. Our initial focus would relate to 6 of our equity funds which have average cash balances of 1-2% (see attachment). - We seek a streamlined investment process, minimising work for our inhouse operations team. - Providers must demonstrate specific experience delivering this specific service as a standalone service (not just general futures execution services). 2) Agency FX Trading Our current approach is that most of our underlying asset managers competitively trade their required spot FX transactions on their respective investment mandates, however some FX trading is done by our custodian. Our intention is to leave trading with managers in the majority of instances, but identify an "agency only" FX trading partner, who can be used as an alternative to our custodian in select parts of our portfolio. Accounts to be included within this program would be decided on a case-by-case basis by Brunel's inhouse team. We estimate the typical annual volume which could be traded via this partner to be in the region of $2bn, with a wide range of currencies traded. This could be from somewhere in the region of 30-50 individual manager/client accounts (some of which may sit within our ACS structure, and some may be Non ACS accounts). All transactions need to be traded on an agency only basis, and our preference is to appoint a provider who only trades on an agency basis (i.e. no proprietary trading book within any part of their business, removing conflict of interests). Additional Services - as we consider the overall suitability and fit of service providers, we are seeking information about the potential wider value add to Brunel. With that in mind, please outline any additional auxiliary services which providers could offer (now or in future), complementing the core services outlined above, and how this would relate to Brunel. Interested parties are requested to indicate their capabilities for both services requested and return via email to procurementqueries.brunel@brunelpp.org by 12pm on the Return Date (April 30 2024). Queries should be submitted to procurementqueries.brunel@brunelpp.org before April 19th 2024.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/27db4b8d-f4de-4515-af23-499bfa732b3b
Current Stage
Planning
All Stages
Planning

Procurement Classification

Notice Type
Market Engagement Notice
Procurement Type
Standard
Procurement Category
Not specified
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66131000 - Security brokerage services

66140000 - Portfolio management services

66180000 - Foreign exchange services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
27 Mar 20241 years ago
Submission Deadline
Not specified
Future Notice Date
30 Apr 2024Expired
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Planning
Lots Status
Not Specified
Awards Status
Not Specified
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BRUNEL PENSION PARTNERSHIP LIMITED
Contact Name
Melissa Freudenstein
Contact Email
procurementqueries.brunel@brunelpp.org
Contact Phone
Not specified

Buyer Location

Locality
BRISTOL
Postcode
BS1 6PU
Post Town
Bristol
Country
England
Major Region (ITL 1)
TLK South West (England)
Basic Region (ITL 2)
TLK5 West of England
Small Region (ITL 3)
TLK51 Bristol, City of
Delivery Location
TLK South West (England)
Local Authority
Bristol, City of
Electoral Ward
Central
Westminster Constituency
Bristol Central

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

{
    "tag": [
        "compiled"
    ],
    "id": "ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023-2024-03-27T14:56:10Z",
    "date": "2024-03-27T14:56:10Z",
    "ocid": "ocds-b5fd17-dcdd3bc0-f4bb-4ddf-903e-1db9b2fdf023",
    "language": "en",
    "initiationType": "tender",
    "title": "Agency FX Trading & Cash Equitization Services",
    "planning": {
        "milestones": [
            {
                "id": "1",
                "title": "Engagement end date",
                "type": "engagement",
                "dueDate": "2024-04-30T23:59:59+01:00"
            }
        ],
        "documents": [
            {
                "id": "1",
                "documentType": "marketEngagementNotice",
                "description": "Early engagement notice on Contracts Finder",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/27db4b8d-f4de-4515-af23-499bfa732b3b",
                "datePublished": "2024-03-27T14:56:10Z",
                "format": "text/html",
                "language": "en"
            },
            {
                "id": "2",
                "documentType": "technicalSpecifications",
                "description": "Further information on Brunel's funds in scope for the Cash Equitization service.",
                "url": "https://www.contractsfinder.service.gov.uk/Notice/Attachment/af5de4c0-7235-4062-9b9c-34a8ce0fe16b",
                "format": "application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"
            }
        ]
    },
    "tender": {
        "id": "Agency FX Trading / Cash Equitization Services - PIN",
        "title": "Agency FX Trading & Cash Equitization Services",
        "description": "Brunel Pension Partnership (Brunel) is one of eight UK Local Government Pension Scheme pools, bringing together ~PS35 billion of investments of ten like-minded funds. We are seeking a single vendor to provide a number of specific implementation services. At this stage this opportunity is soft market test only and not a call for competition. The Contracting Authority may or may not subsequently publish a formal contract opportunity notice in the future. The main purpose is to understand how many providers within the market are able to provide both of the below services: 1) Cash Equitization Services We are seeking to \"equitize\" residual cash within applicable multi-manager funds. This involves applying market exposure through derivatives, retaining access to cash for operational purposes, but attaining market risk premium exposure. Our initial focus would relate to 6 of our equity funds which have average cash balances of 1-2% (see attachment). - We seek a streamlined investment process, minimising work for our inhouse operations team. - Providers must demonstrate specific experience delivering this specific service as a standalone service (not just general futures execution services). 2) Agency FX Trading Our current approach is that most of our underlying asset managers competitively trade their required spot FX transactions on their respective investment mandates, however some FX trading is done by our custodian. Our intention is to leave trading with managers in the majority of instances, but identify an \"agency only\" FX trading partner, who can be used as an alternative to our custodian in select parts of our portfolio. Accounts to be included within this program would be decided on a case-by-case basis by Brunel's inhouse team. We estimate the typical annual volume which could be traded via this partner to be in the region of $2bn, with a wide range of currencies traded. This could be from somewhere in the region of 30-50 individual manager/client accounts (some of which may sit within our ACS structure, and some may be Non ACS accounts). All transactions need to be traded on an agency only basis, and our preference is to appoint a provider who only trades on an agency basis (i.e. no proprietary trading book within any part of their business, removing conflict of interests). Additional Services - as we consider the overall suitability and fit of service providers, we are seeking information about the potential wider value add to Brunel. With that in mind, please outline any additional auxiliary services which providers could offer (now or in future), complementing the core services outlined above, and how this would relate to Brunel. Interested parties are requested to indicate their capabilities for both services requested and return via email to procurementqueries.brunel@brunelpp.org by 12pm on the Return Date (April 30 2024). Queries should be submitted to procurementqueries.brunel@brunelpp.org before April 19th 2024.",
        "status": "planning",
        "classification": {
            "scheme": "CPV",
            "id": "66131000",
            "description": "Security brokerage services"
        },
        "additionalClassifications": [
            {
                "scheme": "CPV",
                "id": "66140000",
                "description": "Portfolio management services"
            },
            {
                "scheme": "CPV",
                "id": "66180000",
                "description": "Foreign exchange services"
            }
        ],
        "items": [
            {
                "id": "1",
                "deliveryAddresses": [
                    {
                        "region": "South West",
                        "countryName": "United Kingdom"
                    }
                ]
            }
        ],
        "suitability": {
            "sme": true,
            "vcse": false
        }
    },
    "parties": [
        {
            "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/9Fz34EyD",
            "name": "BRUNEL PENSION PARTNERSHIP LIMITED",
            "identifier": {
                "legalName": "BRUNEL PENSION PARTNERSHIP LIMITED",
                "scheme": "GB-SRS",
                "id": "sid4gov.cabinetoffice.gov.uk/9Fz34EyD"
            },
            "address": {
                "streetAddress": "5th Floor,101 Victoria Street",
                "locality": "BRISTOL",
                "postalCode": "BS16PU",
                "countryName": "England"
            },
            "contactPoint": {
                "name": "Melissa Freudenstein",
                "email": "procurementqueries.brunel@brunelpp.org"
            },
            "details": {
                "url": "http://www.brunelpensionpartnership.org"
            },
            "roles": [
                "buyer"
            ]
        }
    ],
    "buyer": {
        "id": "GB-SRS-sid4gov.cabinetoffice.gov.uk/9Fz34EyD",
        "name": "BRUNEL PENSION PARTNERSHIP LIMITED"
    }
}