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Water Fund Reviews Currency Allocation

The GBP830 million Anglian Water Pension Scheme is actively reviewing its currency portfolio. It has already terminated Overlay Asset Management and is closely monitoring its other currency manager Record Currency Management due to poor performance. The scheme is contemplating whether to terminate Record Currency and replace it with a new manager for its entire currency portfolio or to drop the asset class completely and invest the money in other alternatives.

The fund’s advisor, Hewitt Associates, is preparing a paper to be presented to its trustees next month. The trustees are extremely nervous about the currency investments and are reviewing the allocation, an official told IINews. A decision will be made by its next trustee meeting scheduled for May. Overlay’s portfolio at 1% is temporarily held in cash with custodian Northern Trust. Record Currency holds 1.7% of the total assets.

Anglian Water also brought on board another manager, Legal & General Investment Management, responsible for U.K. real estate at 1.6% as the trustees feel the timing to be appropriate for investing in the asset class. The scheme did not increase allocations with its existing property manager, RREEF, as it is underperforming and being monitored, the official said.

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