---
title: "Appointment of Pension Fund Manager - Dynamic Currency Overlay"
ocid: "ocds-h6vhtk-048bc0"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-h6vhtk-048bc0"
markdown_url: "https://d3tenders.com/contract/ocds-h6vhtk-048bc0.md"
json_url: "https://d3tenders.com/contract/ocds-h6vhtk-048bc0.json"
source: "Find A Tender Service"
current_stage: "Award"
buyer: "BEDFORDSHIRE PENSION FUND"
published: "2024-10-23"
---

# Appointment of Pension Fund Manager - Dynamic Currency Overlay

Buyer: BEDFORDSHIRE PENSION FUND  
Current stage: Award  
OCID: ocds-h6vhtk-048bc0

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## Summary

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.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Find A Tender Service |
| Latest notice | https://www.find-tender.service.gov.uk/Notice/034258-2024 |
| 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 |
| All stages | Tender, Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 23 Oct 2024 |
| Submission deadline | 16 Sep 2024 |
| Future notice date | Not specified |
| Award date | 21 Oct 2024 |
| Contract period | Not specified |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | Not specified |
| Lots value | Not specified |
| Awards value | Not specified |
| Contracts value | £7,500,000 |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Cancelled |
| Awards status | Active |
| Contracts status | Active |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | BEDFORDSHIRE PENSION FUND |
| Locality | BEDFORD |
| Post town | Milton Keynes |
| Postcode | MK42 9AP |
| Country | England |
| ITL 1 | TLH East (England) |
| ITL 2 | TLH2 Bedfordshire and Hertfordshire |
| ITL 3 | TLH24 Bedford |
| Local authority | Bedford |
| Electoral ward | Cauldwell |
| Westminster constituency | Bedford |
| Delivery location | TLH24 Bedford |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | INSIGHT INVESTMENT |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66141000 - Pension fund management services

## Release History

- 23 Oct 2024 at 09:05 - Award - Award Notice - https://www.find-tender.service.gov.uk/Notice/034258-2024
- 16 Aug 2024 at 14:44 - Tender - Tender Notice - https://www.find-tender.service.gov.uk/Notice/026194-2024

## Notice URLs

- http://www.bedford.gov.uk
- http://www.bedford.gov.uk/
- https://dataresponse@hymans.co.uk
- https://dataresponses@hymans.co.uk
- https://dataresponses@hymans.co.ukorHymansRobertsonLLP,20WaterlooStreet,Glasgow,G26DB,UnitedKingdom.NUTScode:UKH24.dataresponses@hymans.co.uk,https://dataresponse@hymans.co.uk

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-h6vhtk-048bc0. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-h6vhtk-048bc0.json.