Independent institutional currency investment manager, Millennium Global Investments (Millennium Global) is pleased to announce that it has been awarded a currency management mandate by ERAFP, the French public sector additional pension scheme. The purpose of this mandate is to help ERAFP to hedge the foreign exchange risk of its assets through a combination of dynamic and passive hedging strategies. The amount to be hedged at the start of the mandate is expected to be around €2 billion.
The ERAFP mandate will take Millennium Global’s AUM to over USD 21 bn and caps a 50% growth in assets since the beginning of 2017, driven by mandates from investors in Europe and North America across the firm’s range of currency solutions.
Chief Executive Officer, Mark Astley, commented:
“We are very pleased to have been selected as currency managers by as prominent an institution as RAFP and to be able to support them in their mission. We believe that the growth in our business is reflective of both an increasing awareness of currency issues by institutional investors around the world, and recognition of the quality of our services.”
Head of Business Development, Charles Goodman, added:
“Europe represents a growing part of our client base. We are committed to continuing to work closely with institutions in the region to provide solutions to meet their specific currency management needs.”
Millennium Global adheres to the FX Global Code
Millennium Global can also announce its formal adherence to the FX Global Code of Conduct (the “Global Code”). Millennium Global is a strong proponent of the Global Code and hopes to contribute to its widespread implementation in the months and years to come.
The Global Code is a set of principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and market participants from 16 jurisdictions around the globe.
Learn more about the FX Global Code: https://www.bankofengland.co.uk/news/2019/June/fca-recognises-the-fx-global-and-uk-money-markets-codes