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Agency FX Trading & Cash Equitization Services
Descriptions
Brunel Pension Partnership (Brunel) is one of eight UK Local Government Pension Scheme pools, bringing together ~£35 billion of investments of ten like-minded funds. We are seeking a single vendor to provide a number of specific implementation services. At this stage this opportunity is soft market test only and not a call for competition. The Contracting Authority may or may not subsequently publish a formal contract opportunity notice in the future. The main purpose is to understand how many providers within the market are able to provide both of the below services: 1) Cash Equitization Services We are seeking to "equitize" residual cash within applicable multi-manager funds. This involves applying market exposure through derivatives, retaining access to cash for operational purposes, but attaining market risk premium exposure. Our initial focus would relate to 6 of our equity funds which have average cash balances of 1-2% (see attachment). -We seek a streamlined investment process, minimising work for our inhouse operations team. -Providers must demonstrate specific experience delivering this specific service as a standalone service (not just general futures execution services). 2) Agency FX Trading Our current approach is that most of our underlying asset managers competitively trade their required spot FX transactions on their respective investment mandates, however some FX trading is done by our custodian. Our intention is to leave trading with managers in the majority of instances, but identify an "agency only" FX trading partner, who can be used as an alternative to our custodian in select parts of our portfolio. Accounts to be included within this program would be decided on a case-by-case basis by Brunel's inhouse team. We estimate the typical annual volume which could be traded via this partner to be in the region of $2bn, with a wide range of currencies traded. This could be from somewhere in the region of 30-50 individual manager/client accounts (some of which may sit within our ACS structure, and some may be Non ACS accounts). All transactions need to be traded on an agency only basis, and our preference is to appoint a provider who only trades on an agency basis (i.e. no proprietary trading book within any part of their business, removing conflict of interests). Additional Services - as we consider the overall suitability and fit of service providers, we are seeking information about the potential wider value add to Brunel. With that in mind, please outline any additional auxiliary services which providers could offer (now or in future), complementing the core services outlined above, and how this would relate to Brunel. Interested parties are requested to indicate their capabilities for both services requested and return via email to procurementqueries.brunel@brunelpp.org by 12pm on the Return Date (April 30 2024). Queries should be submitted to procurementqueries.brunel@brunelpp.org before April 19th 2024.
Timeline
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Tender Regions
CPV Codes
66140000 - Portfolio management services
66131000 - Security brokerage services
66180000 - Foreign exchange services
Keywords
stock trading
securities trading
equity brokerage
bond brokerage
fixed income trading
trade execution
securities portfolio execution
brokerage accounts
investment trading services
financial securities dealing
asset management
investment portfolio
fund management
discretionary management
wealth management
portfolio advisory
financial asset allocation
investment planning
fund oversight
client portfolio services
currency exchange
forex trading
foreign exchange dealing
currency conversion
FX services
forex brokerage
exchange rate services
currency trading services
international currency exchange
FX operations
Tender Lot Details
2 Tender Lots
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Possible Competitors
1 Possible Competitors
