Caisse de depot et Placement du Quebec, Montreal, hired State Street Bank to run the currency overlay program for the firm.
The mandate will be ``very limited,'' said a Caisse spokesman who would not give the portfolio size. With C$29.2 billion (U.S.$43 billion) in assets, the firm had C$5.8 billion in foreign exchange in 1997.
The currency overlay was previously done in-house. The hiring is expected to add value to the overall portfolio, the spokesman added.