Based on our knowledge of the currency overlay industry, we believe your June 27 tabulation of currency overlay managers in the table on page 34 includes overlay accounts that are claimed by two managers simultaneously.
In addition, the overlay assets shown for J.P. Morgan and Wells Fargo Nikko, for instance, include those of tactical asset allocation programs (see individual manager listings in the same issue).
These inaccuracies overstate total assets managed in currency overlay programs, as well as distort the relative ranking of managers who offer separate currency overlay programs.
Our firm, A.G. Bisset & Co. Inc., was not included in your table of currency overlay managers. We have been managing currency overlay since 1988.
We manage exposures for clients in the United States, Canada and Europe. As of March 31, we were managing $203 million in U.S. tax-exempt currency overlay programs. None of the underlying assets are managed internally.
Ulf J. Lindahl
Chief Investment Officer
A.G. Bisset & Co. Inc.
Rowayton, Conn.
Your July 25 "Alternative trading exceeds goals" article on page 17 was right on target. However, you neglected to mention that BARRA is a partner in the crossing system POSIT (Portfolio System for Institutional Trading).
POSIT is a joint-venture product of Investment Technology Group Inc. and BARRA, a Berkeley, Calif., global investment technology firm. We have successfully worked with Investment Technology Group on POSIT since its inception in 1987.
Although POSIT is only a small part of BARRA's operations, it is an important one.
Rama Koduru
Product Manager
POSIT
New York
