Location: Dublin, Ireland
Principals: Adrian Lee, founder and chief investment officer; Alan Barry, chief operating officer
Style: Currency overlay manager
AUM as of Aug. 31: $3.5 billion
Annualized performance since inception: 9.17%
Benchmark (SSB BMI World ex-US): 8.14%
Alpha since inception: 0.44
Of the handful of independent currency managers active in Europe, Lee Overlay has attracted considerable interest from pension funds and endowments alike.
Its clients in the United States, United Kingdom, Europe and Australia have liked the firm's independence and its focus on a single product line, said Adrian Lee.
"There is an increased demand for currency overlay and an increased acceptance that currency overlay is a way to get excess return" he said.
Client accounts were first funded in December 2000, and over the last 18 months, the firm has attracted strong new business flows despite the lack of a three-year track record, which is often a requirement for inclusion on U.K.-based consultants' buy lists.
One consultant, who asked that his name not be used, said Lee Overlay has ridden the crest of the wave of popularity that currency overlay is enjoying.