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Foreign Exchange

Welsh Council terminates currency manager mandate

The Powys County Council Pension Fund has terminated Investec Asset Management’s GBP4.5 million active currency mandate due to poor performance, according to Global Money Management, a sister publication of EuromoneyFXNews.

Investec’s mandate funds were shared between fund of hedge fund managers Fauchier Partners and GAM. Separately, another currency mandate for the council, managed by Goldman Sachs Asset Management, was maintained after it picked up performance since both were reviewed last year, GMM reported, citing Principal Accountant Carl Leah. Asset consultant, Aon Hewitt, is conducting a medium-term asset allocation review to help take advantages of market imperfections, Leah told GMM. No changes are expected before Christmas, when the fund will begin preparations for next year’s triennial valuation, he said.

The last valuation showed a funding level of 62%. The assets are split between equity (47%), bonds (30%), property (10%), private equity (5%), fund of hedge funds (5%) and currency (3%), GMM reported.

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