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Every time a pension fund makes an international investment it has a currency exposure. Whether the fund chooses to hedge that currency risk, and in what percentage, can be a crucial decision and can affect the returns on the underlying investment.
But as well as hedging out currency risk and applying a currency overlay programme, many funds are now viewing currency as an opportunity as well as a risk. Alpha generation strategies for currency are now commonplace in the pension fund world and many funds now treat currency as an asset class in its own right. Currency manager-of-manager funds are now coming to the forefront of the currency debate and this conference will consider and debate all these issues. Global Pensions magazine first ran this conference six years ago and has now established this event as the leading conference in the currency management arena. It is specifically designed as an educational day for pension funds and their advisers and is now held in London, New York, San Francisco and Sydney. In 2005, Global Pensions arranged an array of pension funds speakers to share their experience with delegates. These included representatives from ABP Investments, CalPERS, Fonds de Reserve pour les Retraites (FRR), Shell Pensioenfonds Beheer BV, Superannuation Arrangements of the University of London (SAUL) and The World Bank Pension Plan. This year the conference will be held in the heart of the City of London – Stationers’ Hall – on June 1, 2006. |
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