UK - AXA Investment Managers has established a new currency management team within its fixed income business and poached two investment specialists from Barclays Global Investors (BGI) to steer the expansion of its capabilities in this area.
Andrew Dales, previously an investment strategist for BGI’s Global Market Strategy Group (GMSG), has been appointed head of currency management, responsible for developing and managing AXA’s active currency capabilities. Prior to this, he was director of currency research at BGI.
Jean-Philippe Gruvel joins as a portfolio manager, responsible for active currency portfolio management. At BGI he headed up portfolio management for the Alpha Management Group.
Currency is gaining increasing focus within institutional clients’ asset allocation strategies, with many firms moving to capitalise on this growth area.
In May, Investec Asset Management recruited Thanos Papasavvas from Credit Suisse to head up its currency management team, as it looks to build its currency overlay programme, within its fixed income business.
At the time, John Stopford, head of fixed income at Investec, told Global Pensions that going forward, currency may be developed as a stand alone offering.
Commenting on AXA’s push into currency, Paul Griffiths, UK CEO and global head of the fixed income business, said: “Andrew and Jean-Philippe’s appointments are the first in what is likely to be a number of new hires, as AXA IM grows its capability in currency management. Andrew and his team will be responsible for building and managing a systematic process to improve our clients’ returns through active currency positions.”
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