Sections

Lincolnshire splits £185m currency mandate

Related images

  • 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


Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2444

    Asset class: Trade Finance.
    Asset region: Global.
    Size: USD 10m.
    Closing date: 2018-06-25.

  • QN-2452

    Asset class: Hard Currency.
    Asset region: Emerging markets.
    Size: USD 300 mil..
    Closing date: 2018-06-22.

Begin Your Search Here