US/EUROPE – US currency overlay specialist A.G. Bisset & Company, has won a mandate to actively manage the currency exposure of $85m in EAFE invested equity portfolios for the $1.3bn Firemen’s Annuity and Benefit Fund of Chicago.

The win comes alongside a series of unnamed currency overlay mandates in Europe, including an asset class mandate from a large European pension fund and a currency overlay deal for a range of mutual funds registered in Ireland, according to the firm.

A.G. Bisset introduced its currency overlay program in 1988 and has since gained $1.5 billion in currency overlay mandates from corporate and public pension funds in the United States and Europe.

Consultant William M. Mercer in Chicago assisted Firemen’s Annuity and Benefit Fund of Chicago in the search for its currency overlay manager.