Section one: Contracting authority
one.1) Name and addresses
Bedfordshire Pension Fund
Borough Hall
Bedford
MK42 9AP
Contact
Chris Arcari of Hymans Robertson
Telephone
+44 1415667986
Country
United Kingdom
Region code
UKH24 - Bedford
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
one.3) Communication
Access to the procurement documents is restricted. Further information can be obtained at
https://dataresponses@hymans.co.uk
Additional information can be obtained from another address:
Hymans Robertson LLP
20 Waterloo Street
Glasgow
G2 6DB
Contact
Chris Arcari of Hymans Robertson
Telephone
+44 1415667986
Country
United Kingdom
Region code
UKH24 - Bedford
Internet address(es)
Main address
Buyer's address
Tenders or requests to participate must be submitted electronically via
https://dataresponses@hymans.co.uk
Tenders or requests to participate must be submitted to the following address:
Hymans Robertson LLP
20 Waterloo Street
Glasgow
G2 6DB
Country
United Kingdom
Region code
UKH24 - Bedford
Internet address(es)
Main address
https://dataresponse@hymans.co.uk
one.4) Type of the contracting authority
Regional or local authority
one.5) Main activity
Economic and financial affairs
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Appointment of Pension Fund Manager - Dynamic Currency Overlay
two.1.2) Main CPV code
- 66141000 - Pension fund management services
two.1.3) Type of contract
Services
two.1.4) Short 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 £2.1bn. The council reserves the right to alter the value and length of the contract.
two.1.6) Information about lots
This contract is divided into lots: No
two.2) Description
two.2.2) Additional CPV code(s)
- 66141000 - Pension fund management services
two.2.3) Place of performance
NUTS codes
- UKH24 - Bedford
Main site or place of performance
Bedfordshire
two.2.4) Description of the procurement
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 £2.1bn. 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.
two.2.5) Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
two.2.7) Duration of the contract, framework agreement or dynamic purchasing system
Duration in months
60
This contract is subject to renewal
Yes
Description of renewals
Renewal to be assessed at end of contract term.
two.2.10) Information about variants
Variants will be accepted: No
two.2.11) Information about options
Options: No
two.2.14) Additional information
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.
Section three. Legal, economic, financial and technical information
three.1) Conditions for participation
three.1.1) Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
List and brief description of conditions
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.
three.1.2) Economic and financial standing
List and brief description of selection criteria
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 level(s) of standards possibly required
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.
three.1.3) Technical and professional ability
List and brief description of selection criteria
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.
Section four. Procedure
four.1) Description
four.1.1) Type of procedure
Open procedure
four.1.8) Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement: Yes
four.2) Administrative information
four.2.2) Time limit for receipt of tenders or requests to participate
Date
16 September 2024
Local time
12:00pm
four.2.4) Languages in which tenders or requests to participate may be submitted
English
four.2.7) Conditions for opening of tenders
Date
16 September 2024
Local time
5:00pm
Section six. Complementary information
six.1) Information about recurrence
This is a recurrent procurement: No
six.4) Procedures for review
six.4.1) Review body
n/a
n/a
Country
United Kingdom
six.4.3) Review procedure
Precise information on deadline(s) for review procedures
As per the Public Contracts Regulations 2016.