UK/US - JPMorgan has been chosen to provide currency hedging for two major pension funds either side of the Atlantic.
The US$5.3bn (£2.7bn) Philadelphia Public Employees Retirement System awarded JPMorgan a mandate to run its currency overlay, in conjunction with AG Bisset & Co.
Paul Wilson, global head of sales and client management for financing & market products at JPMorgan Worldwide Securities Services, said: "We are increasingly seeing demands from our custody clients and firms that don't currently use our custody services for currency hedging solutions, utilising the liquidity, transparency, risk management, and overall execution capabilities of our investment bank's FX business.''
Commenting on the contract, Judy Saunders, CIO, West Midlands Metropolitan Authorities Pension Fund, said JPMorgan had offered the most comprehensive program.
The UK local authority scheme issued a tender for active currency and an overlay manager in July 2006.
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