The Board currently has approximately GBP 17bn of assets under management which is expected to grow rapidly to GBP 22bn.

The Board intends to award a contract for the provision of Global Custodian Services and the Administration/Accounting of the assets.

The core service requirements include: the provision of Custody and Investment Accounting services incorporating: Global Custody, Investment Accounting, including Administration of Alternative Investments such as Property, Private Equity and OTC's across a range of funds and segregated mandates. Additional services required are currently: Performance Measurement, Securities Lending, Collateral Management, Passive Currency Overlay, FX Hedging and Derivative Servicing. There may be future requirements for supporting asset growth with one option as self-trading with Middle Office activities.

The Board's long-term aim is to be self-sufficient by holding enough assets to pay PPF compensation without having to take excessive risks with our investments or rely upon the PPF Levy to recoup a deficit. The Board's long-term funding strategy helps it navigate to such a state and it is envisaged that the global custodian contract will assist us to assess when our end game will be, what level of assets we need at that point, and where we stand currently on the path to self-sufficiency.

Please see the ITT for further details on the Bravo website: https://ppf.bravosolution.co.uk