UK - The Bedfordshire County Council Pension Fund has seeded FX Concepts' new currency fund targeted at UK local authorities.

The New York-based currency manager has announced today the launch of the Concepts Multi-Strategy Institutional Fund - GBP Shares fund, adding that the launch was seeded by Bedfordshire.

FX Concepts, which has just launched a new London office under Daniel Szor, said the fund is designed for UK local authorities looking to currency as a source of uncorrelated alpha in their portfolios. 

Geoff Reader, Bedfordshire's head of pensions and treasury management, said: "We are looking to diversify our portfolio by adding new sources of non-correlated alpha. 

"FX Concepts offers a top-flight systematic investment process combined with an investment vehicle that corresponds to our needs".   

Szor said: "Our market research shows a preference by many UK local authorities for fully funded investment in limited liability vehicles with an ‘equity-like' risk profile, targeting 15-20% returns."