Section one: Contracting authority
one.1) Name and addresses
Bedfordshire Pension Fund
Borough Hall
BEDFORD
MK42 9AP
Country
United Kingdom
Region code
UKH24 - Bedford
Justification for not providing organisation identifier
Not on any register
Internet address(es)
Main address
Buyer's address
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
Reference number
026194-2024
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.1.7) Total value of the procurement (excluding VAT)
Value excluding VAT: £7,500,000
two.2) Description
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
Quality criterion - Name: Price is not the only award criterion and all criteria are stated only in the procurement documents / Weighting: 100
Price - Weighting: 0
two.2.11) Information about options
Options: No
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.2.1) Previous publication concerning this procedure
Notice number: 2024/S 000-026194
Section five. Award of contract
A contract/lot is awarded: Yes
five.2) Award of contract
five.2.1) Date of conclusion of the contract
22 October 2024
five.2.2) Information about tenders
Number of tenders received: 6
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor
Insight Investment
160 Queen Victoria Street
London
EC4V 4LA
Lloyd.Raynor@InsightInvestment.com
Country
United Kingdom
NUTS code
- UKI4 - Inner London – East
Companies House
01835691
The contractor is an SME
No
five.2.4) Information on value of contract/lot (excluding VAT)
Initial estimated total value of the contract/lot: £7,500,000
Total value of the contract/lot: £7,500,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
As per the Public Contracts Regulations 2016
London
Country
United Kingdom