{
    "tag": [
        "compiled"
    ],
    "id": "ocds-h6vhtk-048bc0-2024-10-23T10:05:23+01:00",
    "date": "2024-10-23T10:05:23+01:00",
    "ocid": "ocds-h6vhtk-048bc0",
    "initiationType": "tender",
    "tender": {
        "id": "026194-2024",
        "legalBasis": {
            "id": "32014L0024",
            "scheme": "CELEX"
        },
        "title": "Appointment of Pension Fund Manager - Dynamic Currency Overlay",
        "status": "complete",
        "classification": {
            "scheme": "CPV",
            "id": "66141000",
            "description": "Pension fund management services"
        },
        "mainProcurementCategory": "services",
        "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.",
        "lots": [
            {
                "id": "1",
                "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 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.",
                "contractPeriod": {
                    "durationInDays": 1800
                },
                "hasRenewal": true,
                "renewal": {
                    "description": "Renewal to be assessed at end of contract term."
                },
                "submissionTerms": {
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                },
                "hasOptions": false,
                "status": "cancelled",
                "awardCriteria": {
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                        {
                            "name": "Price is not the only award criterion and all criteria are stated only in the procurement documents",
                            "type": "quality",
                            "description": "100"
                        },
                        {
                            "type": "price",
                            "description": "0"
                        }
                    ]
                }
            }
        ],
        "items": [
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                "additionalClassifications": [
                    {
                        "scheme": "CPV",
                        "id": "66141000",
                        "description": "Pension fund management services"
                    }
                ],
                "deliveryAddresses": [
                    {
                        "region": "UKH24"
                    },
                    {
                        "region": "UKH24"
                    }
                ],
                "deliveryLocation": {
                    "description": "Bedfordshire"
                },
                "relatedLot": "1"
            }
        ],
        "participationFees": [
            {
                "id": "1",
                "type": [
                    "document"
                ]
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        ],
        "submissionMethod": [
            "electronicSubmission",
            "written"
        ],
        "submissionMethodDetails": "https://dataresponses@hymans.co.uk or Hymans Robertson LLP, 20 Waterloo Street, Glasgow, G2 6DB, United Kingdom. NUTS code: UKH24. dataresponses@hymans.co.uk, https://dataresponse@hymans.co.uk",
        "selectionCriteria": {
            "criteria": [
                {
                    "type": "suitability",
                    "description": "Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension funds. Proof of registration must be provided.",
                    "appliesTo": [
                        "supplier"
                    ]
                },
                {
                    "type": "economic",
                    "description": "Providers should complete a Single Procurement Document (SPD) and a Request for Proposal (RfP). Please contact Hymans Robertson LLP (dataresponses@hymans.co.u) for copies of both.",
                    "minimum": "Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension funds. Proof of registration must be provided.",
                    "appliesTo": [
                        "supplier"
                    ]
                },
                {
                    "type": "technical",
                    "description": "Providers must be registered in terms of the UK Financial Services and Markets Act 2000, or equivalent law of the European Economic Area (EEA) member state to manage the assets of occupational pension funds. Proof of registration must be provided. See III 1.2 above.",
                    "appliesTo": [
                        "supplier"
                    ]
                }
            ]
        },
        "procurementMethod": "open",
        "procurementMethodDetails": "Open procedure",
        "coveredBy": [
            "GPA"
        ],
        "tenderPeriod": {
            "endDate": "2024-09-16T12:00:00+01:00"
        },
        "submissionTerms": {
            "languages": [
                "en"
            ]
        },
        "awardPeriod": {
            "startDate": "2024-09-16T17:00:00+01:00"
        },
        "bidOpening": {
            "date": "2024-09-16T17:00:00+01:00"
        },
        "hasRecurrence": false,
        "reviewDetails": "As per the Public Contracts Regulations 2016."
    },
    "parties": [
        {
            "id": "GB-FTS-121769",
            "name": "Bedfordshire Pension Fund",
            "identifier": {
                "legalName": "Bedfordshire Pension Fund",
                "noIdentifierRationale": "notOnAnyRegister"
            },
            "address": {
                "streetAddress": "Borough Hall",
                "locality": "Bedford",
                "region": "UKH24",
                "postalCode": "MK42 9AP",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "name": "Chris Arcari of Hymans Robertson",
                "telephone": "+44 1415667986",
                "email": "dataresponses@hymans.co.uk",
                "url": "https://dataresponses@hymans.co.uk"
            },
            "roles": [
                "buyer"
            ],
            "details": {
                "url": "http://www.bedford.gov.uk",
                "classifications": [
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                    },
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                        "id": "04",
                        "description": "Economic affairs"
                    }
                ]
            }
        },
        {
            "id": "GB-FTS-1530",
            "name": "Hymans Robertson LLP",
            "identifier": {
                "legalName": "Hymans Robertson LLP"
            },
            "address": {
                "streetAddress": "20 Waterloo Street",
                "locality": "Glasgow",
                "region": "UKH24",
                "postalCode": "G2 6DB",
                "countryName": "United Kingdom"
            },
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                "url": "http://www.bedford.gov.uk",
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            }
        },
        {
            "id": "GB-FTS-1531",
            "name": "n/a",
            "identifier": {
                "legalName": "n/a"
            },
            "address": {
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                "countryName": "United Kingdom"
            },
            "roles": [
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            ]
        },
        {
            "id": "GB-FTS-127939",
            "name": "Bedfordshire Pension Fund",
            "identifier": {
                "legalName": "Bedfordshire Pension Fund",
                "noIdentifierRationale": "notOnAnyRegister"
            },
            "address": {
                "streetAddress": "Borough Hall",
                "locality": "BEDFORD",
                "region": "UKH24",
                "postalCode": "MK42 9AP",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "email": "Mike.Batty@bedford.gov.uk"
            },
            "roles": [
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            "details": {
                "url": "http://www.bedford.gov.uk/",
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                "classifications": [
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                    },
                    {
                        "scheme": "COFOG",
                        "id": "04",
                        "description": "Economic affairs"
                    }
                ]
            }
        },
        {
            "id": "GB-COH-01835691",
            "name": "Insight Investment",
            "identifier": {
                "legalName": "Insight Investment",
                "id": "01835691",
                "scheme": "GB-COH"
            },
            "address": {
                "streetAddress": "160 Queen Victoria Street",
                "locality": "London",
                "region": "UKI4",
                "postalCode": "EC4V 4LA",
                "countryName": "United Kingdom"
            },
            "contactPoint": {
                "email": "Lloyd.Raynor@InsightInvestment.com"
            },
            "roles": [
                "supplier"
            ],
            "details": {
                "scale": "large"
            }
        },
        {
            "id": "GB-FTS-127940",
            "name": "As per the Public Contracts Regulations 2016",
            "identifier": {
                "legalName": "As per the Public Contracts Regulations 2016"
            },
            "address": {
                "locality": "London",
                "countryName": "United Kingdom"
            },
            "roles": [
                "reviewBody"
            ]
        }
    ],
    "buyer": {
        "id": "GB-FTS-127939",
        "name": "Bedfordshire Pension Fund"
    },
    "language": "en",
    "awards": [
        {
            "id": "034258-2024-1",
            "relatedLots": [
                "1"
            ],
            "status": "active",
            "suppliers": [
                {
                    "id": "GB-COH-01835691",
                    "name": "Insight Investment"
                }
            ]
        }
    ],
    "contracts": [
        {
            "id": "034258-2024-1",
            "awardID": "034258-2024-1",
            "status": "active",
            "value": {
                "amount": 7500000,
                "currency": "GBP"
            },
            "dateSigned": "2024-10-22T00:00:00+01:00"
        }
    ],
    "bids": {
        "statistics": [
            {
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                "measure": "bids",
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                "value": 6
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        ]
    }
}