UK - The London Borough of Tower Hamlets has reappointed Record Currency Management (RCM) and Auriel Capital Management (ACM) to run its £10m (€11m) currency portfolio - which accounts for 3.5% of the scheme's overall portfolio.

More specifically, ACM will be responsible for two-thirds of the mandate with RCM running the remainder. The appointments form part of the scheme's partial investment restructure agreed in October last year which led to an important review of its fixed income holdings. (See earlier IPE story: Tower Hamlets offers bond portfolio after restructure)

The currency funds' weightings - which Tower Hamlets considers to be higher risk in volatility - remain unchanged in the Council's redrafted investment strategy, as the fund is still seeking to sell off its government bond holdings in favour of greater corporate bond and global equity investments.

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