Currency Overlay (Hardback)

Neil Record

Published by John Wiley and Sons Ltd, 2003
ISBN 10: 0470850272 / ISBN 13: 9780470850275
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Language: English . Brand New Book. Currency overlay is the management of the currency exposure inherent in cross border institutional investments. Exposure to foreign currencies increases the volatility of their returns, without increasing the returns themselves and academics and consultants recommended that the currency exposure should be stripped out of international portfolios and eliminated as far as practicable. This book provides a comprehensive description of currency overlay, its history and possible future developments and growth, the reason for its emergence, the debates and controversies, the different styles of currency management, and the industry s performance track record. This is a subject of international appeal and is an area of particular growth potential for institutional investors. The coverage includes: the theoretical case for eliminating currency risk in international portfolios; the interplay between asset returns and currency returns, and the effect of this on hedging decisions; benchmarks their construction and strategic role; least cost passive overlay; the structure of the currency market, and its inefficiencies; active overlay styles; active overlay both restricted and unrestricted (currency alpha); and uses diagrams, charts, tables and explanatory boxes to explain concepts. Bookseller Inventory # AAH9780470850275

About this title:

Synopsis: Currency overlay is the management of the currency exposure inherent in cross-border institutional investments. Exposure to foreign currencies increases the volatility of their returns, without increasing the returns themselves and academics and consultants recommended that the currency exposure should be stripped out of international portfolios and eliminated as far as practicable.

This book provides a comprehensive description of currency overlay, its history and possible future developments and growth, the reason for its emergence, the debates and controversies, the different styles of currency management, and the industry's performance track record.

This is a subject of international appeal and is an area of particular growth potential for institutional investors.  Coverage includes:

  •  The theoretical case for eliminating currency risk in international portfolios
  • The interplay between asset returns and currency returns, and the effect of this on hedging decisions
  • Benchmarks - their construction and strategic role
  • Least-cost passive overlay
  • The structure of the currency market, and its 'inefficiencies'
  • Active overlay styles
  • Active overlay both restricted and unrestricted (currency alpha)
  • Uses diagrams, charts, tables and explanatory boxes to explain concepts

From the Inside Flap: ‘The management of currency risk is critical to efficient portfolio management. Neil Record is an acknowledged expert in this area. This book is comprehensive, timely and much needed.” – Paul Myners – author of the 2001 HM Treasury Review of Institutional Investment in the UK

“This book is unique in that it covers so many different aspects of currency overlay, from benchmarks to management styles to implementation. Neil Record makes this often complex area easy to understand with a good blend of theory and practical examples. The book should appeal to a broad range of investment industry professionals.” – James Mitchell, Senior Research Analyst, Frank Russell Company

“Neil Record can rightly claim to be one of the pioneers of currency overlay management, and has drawn on his decades of experience in this field to write this comprehensive and authoritative book covering virtually everything worth knowing about the subject, in a very readable style. I strongly recommend this book to all institutional investors and investment consultants dealing with international investments.” – Bill Muysken, Global Head of Research, Mercer Investment Consulting

“There may be fewer major currencies these days, but the volatility of the dollar, euro and yen against each other will keep currency overlay specialist busy. Neil Record has filled a gap with his comprehensive analysis of an important investment specialty, enlivened by the vital insights of an experienced practitioner.” – Barry Riley, Financial Journalist

“Currencies are an integral part of international investing, and this long-overdue book, written by an experienced currency practitioner, is very welcome. Neil Record provides a thorough description of both practical and theoretical issues, and I expect this book to have wide appeal in the investment community.” – Peter Gilbert, Chief Investment Officer, Pennsylvania State Employees Retirement System

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Bibliographic Details

Title: Currency Overlay (Hardback)
Publisher: John Wiley and Sons Ltd
Publication Date: 2003
Binding: Hardback
Book Condition: New
Edition: 1. Auflage.

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Neil Record
Published by Wiley (2003)
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Neil Record
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ISBN 10: 0470850272 ISBN 13: 9780470850275
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