The £2.6 billion ($4.2 billion) Avon Pension Fund, Keynsham, England, appointed Record Currency Management to run an active currency overlay, according to the minutes of the latest pension fund committee meeting.
The overlay will affect the portion of the fund’s overseas equity portfolio, or about £500 million, that is denominated in U.S. dollars, euros and Japanese yen, according to the minutes. Matt Betts, assistant investment manager of the fund, could not be reached by press time for further information.
Consultant Jardine Lloyd Thompson advised.
