Currency Overlay

`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