AUSTRALIA - The Australian Government Employees Superannuation Trust (AGEST) has appointed Millennium Global Investments to run an A$270m (US$240m) active currency overlay mandate.
Millennium Global Investments head of global marketing Jean Thouvenin said as the Australian pensions market grows, schemes have been taking on more currency risk in their investments.
Thouvenin said: "Australia has been a key focus for Millennium Global due to its large and sophisticated super fund industry with investments largely diversified internationally; hence the need for funds to manage underlying FX exposures, considering the Australian dollar's high sensitivity to global growth and commodity cycles.
Separately, Millennium Global Investments said officials have also hired Amy Middleton as senior product strategist.
She joins from Bank of America where she was a senior analyst in a research and risk advisory role.
Middleton's main responsibilities will include the research and development of new currency products and consultation with existing and prospective clients in the analysis of their currency and asset allocation issues. She will report to chief investment officer Michael Huttman.
Thouvenin said: "Amy comes with some extremely valuable experience in currencies, development of trading models and knowledge of the currency industry."
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