An Australian industry pension fund has awarded Dublin-based Adrian Lee & Partners (AL&P) with $2.3 billion (€1.6 billion) to manage as a currency mandate as the Australian dollar faces the prospect of devaluation.
AL&P, an active currency and fixed income manager with $6 billion in total assets, won the brief from Vision Super.
Managed on a segregated account basis, the mandate’s objective is to achieve currency alpha for the overseas portion of the fund’s investments.
Adrian Lee, president and chief investment officer of AL&P, says: “We have seen an increase in the need for active currency management programmes by Australian institutional investors who are seeking to address the currency impact on their portfolios on both a strategic and a tactical basis in a potentially declining Australian dollar environment.”
©2013 funds europe
