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Appointment of Pension Fund Manager - Dynamic Currency Overlay

Bedfordshire Pension Fund

This public procurement record has 2 releases in its history.

Award

23 Oct 2024 at 10:05

Award Notice
Tender

16 Aug 2024 at 15:44

Tender Notice
Summary of the contracting process

Bedfordshire Borough Council has recently completed the procurement process for the appointment of a Pension Fund Manager for a Dynamic Currency Overlay, explicitly designed to manage the Fund's currency exposures. This contract, under the legal basis of CELEX:32014L0024, falls within the services industry category and includes pension fund management services (CPV code 66141000). The primary location for this contract is Bedfordshire (region UKH24). The procurement stage has moved to the award phase, with the contract signed on 22 October 2024 amounting to £7.5 million. The winning supplier is Insight Investment, based in London. The process utilised the open procurement method with a focus on both quality and price, with all criteria available in the procurement documents.

This tender presents a significant opportunity for businesses specialising in pension fund management services, particularly those equipped to manage dynamic currency hedging solutions for large pension funds. Firms with a solid track record in providing dynamic currency hedge mandates and those meeting the regulatory requirements under the UK Financial Services and Markets Act 2000 are well-suited to compete. The contract's value and potential adjustments offer substantial business growth prospects, especially for firms demonstrating expertise in enhancing risk-adjusted returns through active currency management. As the council reserves the right to modify the contract's value and length, there is an inherent flexibility that could cater to long-term engagements and increased revenue for capable firms.

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Notice Information

Notice Title

Appointment of Pension Fund Manager - Dynamic Currency Overlay

Notice Description

Bedfordshire Borough Council, as administering authority to the Bedfordshire Pension Fund, are seeking to appoint an investment manager for a Currency Overlay with a dynamic approach that can help manage the Fund's currency exposures. The currency hedge will be in relation to a notional asset exposure of PS2.1bn. The council reserves the right to alter the value and length of the contract.

Lot Information

Lot 1

Bedfordshire Borough Council, as administering authority to the Bedfordshire Pension Fund, are seeking to appoint an investment manager for a Currency Overlay with a dynamic approach that can help manage the Fund's currency exposures. The currency hedge will be in relation to an estimated notional asset exposure of PS2.1bn. The council reserves the right to alter the value and length of the contract. The following minimum criteria must be met for your submission to be considered: * Tenderers must be appropriately regulated to manage a dynamic currency hedge mandate for an LGPS client. * Tenderers must have recent active experience of managing a dynamic currency hedge mandate for an LGPS client (within the last 2 - 3 years). This must extend beyond the simple use of hedged share classes or passive hedges. * Tenderers must have a sufficient history of managing a dynamic currency hedge and are able to show the monthly returns from the dynamic currency hedge over that period: five years as a bare minimum, but preferably more than 10 years. * Tenderers must be able to demonstrate a positive impact on risk-adjusted return versus both an unhedged and a 100% statically/passively hedged portfolio over the long-term for the history described above. * Tenderers must be able to clearly explain the dynamic currency hedging approach and be able to articulate which factors are driving positioning at a given point in time. For example, carry, momentum, and value etc. * Tenderers must have evidence of being able to provide suitable arrangements for managing collateral as part of the dynamic currency hedge on both a funded and unfunded basis. - The Council reserves the right to alter the value of the funds awarded and this may change over time. - The Council reserves the right to alter the length of the contract.

Renewal: Renewal to be assessed at end of contract term.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-048bc0
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/034258-2024
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66141000 - Pension fund management services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£7,500,000 £1M-£10M

Notice Dates

Publication Date
23 Oct 20241 years ago
Submission Deadline
16 Sep 2024Expired
Future Notice Date
Not specified
Award Date
22 Oct 20241 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Bedfordshire Pension Fund
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
BEDFORD
Postcode
MK42 9AP
Postcode Area
Milton Keynes
Country
England
Major Region (ITL 1)
TLH East (England)
Basic Region (ITL 2)
TLH2 Bedfordshire and Hertfordshire
Small Region (ITL 3)
TLH24 Bedford
Delivery Location
TLH24 Bedford
Local Authority
Bedford
Electoral Ward
Cauldwell
Westminster Constituency
Bedford

Supplier Information

Number of Suppliers
1
Supplier Name

Insight Investment

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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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.

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