Searches and Hires

Norfolk Pension Fund hires 2 for new currency hedging program

Norfolk Pension Fund, Norwich, England, approved a cash management strategy and hired two firms to execute the strategy, according to pensions committee documents.

Insight Investment was hired for half of the pension fund's dynamic currency hedging program. Insight monitors the counterparties used to implement forward currency contracts required by the program. The second half of the program is managed by Berenberg.

The 3 billion ($4.3 billion) pension fund allocates non-cash collateral as part of it is a strategic allocation to liability-hedging assets to cover the variation margin position on foreign-exchange currency transitions within the Insight hedging program.

Berenberg acts as the pension fund's counterparty on all trades within the program it undertakes.

A spokesman could not be reached to provide additional details.