UK – The Royal Borough of Windsor and Maidenhead administering authority has appointed the Cambridge Strategy to manage the £1.5bn (€1.8bn) Royal County of Berkshire Pension Fund's currency overlay programme.

Derek Doupe, head of overlay solutions at Cambridge Strategy, said: "Over the past decade, the non-domestic exposure of many pension funds has expanded as these funds continue to broaden their investment horizons.

"Sensible as this may be for diversification purposes, it also has incrementally increased the currency risks involved."

London-based Cambridge Strategy offers currency overlay, active currency alpha and emerging market macro and equity programmes.

In February, Berkshire appointed 15 asset managers to a new equity framework, five more than initially envisaged.

The growth equity framework, first tendered over last summer, aimed to appoint a number of managers the local authority fund could select to oversee a segregated or pooled investment of up to £70m.

Nick Greenwood, pension fund manager at Berkshire's administering authority, said that no immediate allocation to any of the managers was on the horizon, but noted that it would allow the fund to replace any existing manager if needed.