DEALING SERVICES FOR PENSION FUNDS
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1 DEALING SERVICES FOR PENSION FUNDS TAKING CONTROL CHANGING BUSINESS MODELS The bank for a changing world
2 While pension funds have delegated the management of most of their assets to third party asset managers, they are increasingly reviewing their investment strategies and considering re insourcing the management of part of their assets to improve returns and cut costs. When building their internal asset management capabilities, pension funds come to realise that separating portfolio management and dealing is a best practice. The question then is whether to establish an internal dealing desk or whether to outsource the dealing function. In this article we look at the internal versus outsourced dealing models and suggest specific criteria to consider when selecting a dealing services partner. We also provide a case study based on our partnership with RPMI Railpen one of the UK s largest pension funds on developing a tailored and optimised dealing model. Chosing the right dealing set-up When developing internal asset management capabilities, there are three options for the dealing function. Option 1: The legacy model (internal portfolio managers execute their own trades) The key issues to have in mind when considering this option are: s spend time hunting for liquidity instead of being able to focus on investment decision making s must remain up to speed in a fragmented market structure with ever more sophisticated trading tools and strategies An independent dealing function in a secure, physically segregated area is highlighted as a best practice in recent reports or codes of conduct issued by regulators* 1 The legacy dealing model Buy-side Sell-side Pension Fund * For example: FCA s thematic review (February 2015) on Asset management firms and the risk of market abuse 2
3 Option 2: The internal dealing desk (separate dealing and portfolio management functions) This option has clear advantages: Complying with regulators recommendations Enabling portfolio managers to focus on investment decision-making However, some challenges remain: Need to scale up the dealing desk when expanding the investment scope (new asset classes or regions) Accommodating increasingly complex market structures (multiple new trading venues and trading platforms) and execution strategies Cost of setting up and maintaining the platform (systems, connectivity, compliance standards) required for a dealing desk, especially under new and forthcoming regulations (mainly MiFID II) 2 The internal shared dealing desk model Buy-side Sell-side Pension Fund Internal shared dealing desk Dealing under MiFID II: more than best execution Under MiFID II, execution policies must be reviewed and firms must prove that sufficient measures have been taken to meet best execution as well as best selection of brokers and counterparties. Attention will be given to inducements and therefore research payment mechanism should be adapted to make sure that research and execution payment are strictly unbundled. New market infrastructure, trading obligations, increased transparency regime (derivatives and bonds) will impact the way investment managers interact with the market and impact their dealing strategy. They must be ready to adapt to new trading venues for non-equity (Organised Trading Facilities) and new trading platforms (buy-side to buy-side, all to all, etc.) where new sources of liquidity will emerge. To summarise, the regulation will: Reinforce best execution requirements (monitoring/reporting) Lead to increased transaction reporting (which has major data implications) Require change in research payment mechanisms Increase complexity of market structures and dealing processes 3
4 Did you take every item into account when estimating the cost of your internal dealing desk? Aside from implementation costs (project, set-up, recruiting), the annual running costs of a dealing desk include: Dealers costs: payrolls, premises, IT equipment, licenses, training Support costs: helpdesk, user/data administration, reporting IT infrastructure: IT project management, servers Platform running costs: connectivity, upgrades, market data, benchmarks Compliance and legal follow-up Business Continuity Plan (back-up processes/site) Operational risks (trading errors, system break ups, ) Taking into account all of the above, the annual cost of running a 3-dealers desk can be estimated over GBP 1 million. Option 3: The outsourced dealing desk (delegate the dealing function) In addition to the benefits identified in option 2, an outsourced dealing desk offers: Improved flexibility and scalability Flexibility to rapidly expand your activities to new asset classes and new regions Moving from a fixed to a variable cost structure pay as you trade Continuous management of regulatory requirements Best selection and best execution processes Fast growing reporting requirements (TCA, RFQ) State-of-the-art technology Continuous investment in connectivity, systems and IT expertise Measurable performance improvement Better execution prices and brokerage fees optimisation Improved access to liquidity via specialised dealers, strong knowledge of the sell-side, optimised connectivity to the latest trading platforms Improved control of operational risks 3 The BNP Paribas Dealing Services model Buy-side Sell-side Pension Fund External multi client shared Dealing Desk 4
5 Case study: RPMI Railpen In 2013, RPMI Railpen (Railpen)* took the strategic decision to insource some of its investment activities, which had been historically delegated to independent asset management companies, for active management by its internal investment team. A strategic decision to outsource the dealing function Railpen made a decision that they wanted an external dealing desk provider for their market transactions that was independent of their portfolio managers. Beyond strong expertise and technical credentials, Railpen were looking for a partner for the long run. Why did Railpen select BNP Paribas Dealing Services? Dealing Services offers an open-architecture model (multi brokers/counterparts) which facilitates execution of orders with Railpen s defined counterparty panel on the basis of unbiased broker selection. Dealing Services teams in London and Paris manage Railpen dealing activities on the following asset classes: foreign exchange, equities, listed derivatives, ETFs, bonds. Railpen also benefit from a full suite of best execution and activity reports to monitor their overall activity. Our decision to select BNP Paribas Dealing Services was driven by their expertise across asset classes and robust technology platform, which will help us develop our new investment process in the long run. We also valued their distinctive brokerneutral positioning and long track record with a wide range of clients. Rachit Sharma, Senior Investment Manager at RPMI Railpen Building the relationship During the implementation phase, Dealing Services was recognised by Railpen for providing a responsive and efficient support: Project teams together with strong engagement from Railpen helped to ensure seamless on-boarding, engaging with multiple stakeholders and external parties as necessary Teaming up with a project manager at Railpen, Business Analyst and IT teams built an electronic interface with Railpen s middle office provider Since the service went live, Railpen particularly value: The strong interaction between dealers and portfolio managers The strength and the efficiency of Dealing Services processes and systems in handling trades The capacity to source liquidity and improve executed prices (for example on FX trades) The ability to obtain detailed and complete records of transactions, enabling full transparency to clients and stakeholders In short The partnership with BNP Paribas Dealing Services has enabled Railpen to find a solution to meet their current dealing needs with a long-term view. As Railpen further develop their investment approach or scope for example, expanding into new asset classes or markets Dealing Services model will adapt and continue to meet their requirements. * RPMI Railpen manages the assets of the Railways Pension Scheme (RPS) on behalf of its parent company the Railways Pension Trustee Company Limited. Railpen Investments, its investment arm, is an FCA authorised investment manager with assets under management that exceed 21 billion. 5
6 Selecting the right provider A provider of outsourced dealing services should be able to enhance investment performance through better access to liquidity and strong best execution processes. Key selection criteria to consider include: Dealers expertise on all asset classes and markets: capacity to source liquidity, capacity to handle complex trades if needed Proximity with Portfolio Managers: PM/Dealer interactions throughout the trading process should be clearly defined, efficient and secure (sharing of market information, pre-trade analyses) Demonstrated added-value to fund performance Efficient execution framework: robust systems (OMS, EMS, algorithms, dealing platforms), traceability and audit trails, best selection processes Capacity to meet regulatory requirements and to provide ad hoc reporting (TCA and RFQ) How can investment managers demonstrate best execution? Philippe Boulenguiez, Head of BNP Paribas Dealing Services, explains: We provide a turnkey service that ensures the full traceability of orders. Our capacity to produce reports, from the most aggregated to the most granular, and to analyse the quality of the execution through benchmarking tools (TCA and RFQ reports on Equities, Forex, Fixed Income) makes it easier for investment managers to ensure they get the very best level of execution. Our teams consolidated knowledge of market intermediaries also means we can efficiently analyse execution performance. This quality of service is based on a tried-and-tested operating model and expert teams that handle more than 500,000 trades each year. A robust solution to meet your dealing needs 38 expert dealers on 9 specialised dealing desks with extensive knowledge of the sell-side 3 dealing locations: Paris, London and Hong Kong Global market coverage: EMEA, Americas and Asia Pacific A single entry point to all asset classes: Equities, Exchange traded funds, Bonds (government bonds, high yield and investment grade credit, convertible bonds), Money market (Cash, Repo), Short term paper, Foreign exchange, OTC derivatives and listed derivatives (Futures and Options) 36 clients, accounting for approximately EUR 700 billion in assets under management Over 550,000 orders handled annually Over EUR 1,5 trillion on nominal traded ISAE 3402 level II certified Figures December
7 Written by To go further the journey to re-insourcing The bank for a changing world Governance, cost and sustainable investing: Asset owners rethink their strategies Governance, cost and sustainable investing: Asset owners rethink their strategies Building in house asset management capabilities forces operational and technology decisions around what to build, what to buy and where to partner. 23 executives within asset owners including pension funds share their insights on new governance models and sourcing decisions in the recent paper written by the Intelligence Unit of the Economist. DEALING DESKS: A STRATEGIC CHOICE Matthieu Chardot Head of Business Development and Client Relations BNP Paribas Dealing Services Faced with increasingly complex markets and upcoming regulations, today s investment managers are looking more and more to streamline and optimise their dealing processes. Mobilising resources to match core business requirements is the new competitive challenge, and devolving this function to external desks brings concrete solutions to strategic questions. The landscape is changing If MiFID already led to major changes in the structure of European markets, MiFID II will mean a thorough overhaul in the way they function., impacting stakeholders in numerous domains, and more particularly investment managers and their dealing processes. MiFID best execution obligation requires that investment managers take all reasonable steps to ensure the best possible results for clients. The future directive takes this obligation to the next level where the notion of reasonable is no longer adequate and sufficient is the new criteria. Policies governing best execution and the best selection of brokers and counterparties will need to be extremely detailed, providing proof that measures taken are indeed sufficient. The infrastructure of markets as we know them today is going to change dramatically, particularly as the pre trade transparency obligation for new asset classes comes into play (bond, forex and derivative markets). Investment managers will need to adapt to the emergence of new stock exchange categories (Organised Trading Facilities) and new trading platforms (buy side to buy side, all to all, etc.). The impact on dealing functions Given these changes, asset managers must already adapt their front to back processes. To meet their regulatory best selection/best execution obligations, they will need to review their reporting processes and internal organisation. From now on, investment managers will need to improve their capacity to provide adequate reporting as to the quality of execution, and must be able to justify their controls with concrete and objective methodologies, notably when it comes to the appraisal of broker and counterparty performance. Meeting best selection/best execution criteria will require increasingly sophisticated and expensive infrastructures and platforms. In addition, the upfront investment to the annual cost of operating a station is substantial, estimated at close to two million euros for a team of four. As a result, certain large Buy side operators are beginning to envisage outsourcing their dealing activities to an external provider. Dealing desks: A strategic choice Faced with increasingly complex markets and upcoming regulations, today s investment managers are looking more and more to streamline and optimise their dealing processes. Mobilising resources to match core business requirements is the new competitive challenge, and devolving this function to external desks brings concrete solutions to strategic questions. A DEALING SERVICES PUBLICATION The bank for a changing world To find out more, visit our website: 7
8 For additional information, please contact: Matthieu Chardot Head of Business Development and Client Relations BNP Paribas Dealing Services Tel: matthieu.chardot@bnpparibas.com Follow us: Visit us: dealing-services.bnpparibas.com The information contained within this document ( information ) is believed to be reliable but BNP Paribas Dealing Services does not warrant its completeness or accuracy. Opinions and estimates contained herein constitute BNP Paribas Dealing Services judgment and are subject to change without notice. BNP Paribas Dealing Services and its subsidiaries shall not be liable for any errors, omissions or opinions contained within this document. This material is not intended neither as an offer or solicitation for the purchase or sale of any financial instrument nor as an investment advice. For the avoidance of doubt, any information contained within this document will not form an agreement between parties. Additional information is available on request. BNP Paribas Dealing Services is incorporated in France as a limited company ( société anonyme ) and is authorised and supervised by the Autorité de Contrôle Prudentiel et de Résolution ( ACPR ) and the Autorité des Marchés Financiers ( AMF ). The BNP Paribas Dealing Services London branch is subject to supervision by ACPR, AMF as well as, to a limited extent, the Financial Conduct Authority ( FCA ) for the conduct of its investment services in the United Kingdom. Details on the extent of the FCA supervision are available from us on request. BNP Paribas Dealing Services Asia Limited is a wholly owned subsidiary of BNP Paribas Dealing Services and a limited company incorporated in Hong Kong licensed by the Securities and Futures Commission of Hong Kong ( SFC ) to conduct Type 1 (dealing in securities) and Type 2 (dealing in futures contracts) regulated activities. The services described in this document, if offered in Asia Pacific, are offered through BNP Paribas Dealing Services Asia Limited. This company is exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 (Cth) in respect of the financial services it provides in Australia. BNP Paribas Dealing Services Asia Limited is regulated by the SFC under Hong Kong laws, which differ from Australian laws. Notwithstanding the contents of this document, BNP Paribas Dealing Services should not be considered to be actively marketing the services within the meaning of section 115 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and any active marketing of the services to the public of Hong Kong is carried out by representatives of BNP Paribas Dealing Services Asia Limited. BNP Paribas Securities Services is incorporated in France as a partnership limited by shares and is authorised and supervised by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the AMF (Autorité des Marchés Financiers). BNP Paribas Securities Services, London branch is authorised by the ACPR, the AMF and the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. BNP Paribas Securities Services, acting through its Hong Kong Branch, is regulated by the Hong Kong Monetary Authority and is licensed by the SFC to conduct Type 1 (dealing in securities) regulated activity. BNP Paribas Securities Services, acting through its Singapore Branch, is regulated by the Monetary Authority of Singapore. BNP Paribas Securities Services ARBN (AFSL No: ) has been registered in Australia as a foreign company under the Corporations Act 2001(Cth) and is a foreign ADI within the meaning of s 5(1) of the Banking Act This document is not intended as an offer or solicitation for the purchase or sale of any financial product or service outside of Australia and is intended for wholesale clients only (as such term is defined in the Corporations Act 2001 (Cth)). Printed on recycled paper with vegetable inks Designed by the graphics department, corporate communications, BNP Paribas Securities Services _DSFPF_BR_EN The bank for a changing world
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