News Just In... : Clwyd appoints two currency managers.(Brief Article)

Pensions Week, April, 2004

Flintshire County Council, the lead authority for the GBP550m Clwyd pension fund, is believed to be the first local authority to follow the growing trend to use currency as an asset class in its own right. [ ] The currency allocation is to be split between Gartmore Investment Management and Goldman Sachs Asset Management (GSAM).

GSAM says it is to manage GBP11m, while Gartmore refused to disclose the size of its allocation, which is to the AlphaGen currency fund it launched only six weeks ago. [ ] The move is part of a major review of the investment management arrangements of the Clwyd pension fund, with the changes being made by 1 April this year. [ ] Paul Skinner, Gartmore's head of fixed income business development, said: "Gartmore has been managing currency...

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