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Lincolnshire splits £185m currency mandate

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  • Lincolnshire splits £185m currency mandate

UK - Lincolnshire County Council pension fund has split a £185m (€247m) currency overlay mandate between two companies.

Record Currency Management and HSBC Trinkaus & Burkhardt AG, have each been appointed to run £92.5m of currency overlay investments for three years, in the pension fund's first foray into the sector.

The pension scheme, valued at £1.1bn as of March 2006, revealed in May last year that it felt it had reached the point where it should look at the risks that currency has. (See earlier IPE story: Currency overlay ‘flavour of the month' at Lincolnshire)

The two investment companies were appointed over 17 other tender offers, with the decision based on terms of experience, level of resources and past performance as well as price. 

Lincolnshire's appointment now means Record has won mandates from at least five local authority pension funds over the last six months, including a £250m active mandate from Suffolk County Council pension fund in December.

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email nyree.stewart@ipe.com


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