Canton of Zurich pension fund, Zurich, terminated a currency overlay mandate with State Street Global Advisors, said Daniel Gloor, head of asset management. Until this month, the 19.2 billion Swiss franc ($10.6 billion) plan hedged its non-franc- and non-euro-denominated bond investments, worth a total of 640 million francs, to remove risk from currency fluctuations.
He said the mandate "did not meet the plan’s requirements anymore,” and despite SSgA’s best efforts, the program had added no clear value to the plan.
