The $4 billion Avon Pension Fund – one of the UK’s leading hedge fund investors among local authorities – has appointed Record Currency Management to handle active currency hedging.
Record will handle an active currency hedging programme covering the fund’s overseas equity assets. There were around 15 applicants for the mandate, thought to be worth around $16.32 million.
The fund adopted a larger overseas equity exposure in the wake of a review in 2009, prompted by the market turmoil seen in 2007/2008.
The scheme moved into hedge funds in 2007 and retains a