FX Managers
Does anyone know who the major pure Currency / FX Hedge Fund Managers are? I know that there are systematic managers either macro or CTA's who will obviously have a large portion of their trading programs in FX, but who are the major pure FX managers?
P/E Investment, FX Concepts, QFS, IKOS?
What are the other majors I'm missing?
I'm curious, do you work for a FoF?
Beyond the ones you mentioned,there's the Friedberg Currency Fund, Moore also has a pure EMFX fund that has a few 100mm in AUM, Hatersage was founded by a market wizard, Capricorn FX is quite prominent in the pure FX space, Civic Capital is new and Vortex FX has a great track record but seems retail.
Another that comes to mind is Record Currency Management. ($30 b in hedging and various other strategies, mostly systematic i think).
Thanks, don't work at a FOF, just interested in some of these strategies and seems there's very few straight FX managers that stand out. I guess investors want exposure to rates / equities / bonds as well. It seems unusual though given that it's the deepest and most liquid market.
There's a bunch of currency hedging shops I know of like Millennium and Pareto as well but seems like very few hedge funds.
There are a few. Most have already been listed, and then there are other guys who trade purely FX at multi-manager macro funds according to a few people that I have talked to. From a discretionary standpoint I honestly can't see the advantage to this considering that FX recently has been a derivative of moves in other asset classes (usdjpy = nikkei late last year, at one point European banks and eurjpy traded much closer than they do now, audcad at one point was the HSI, a few of the older members here probably remember when audjpy = e-mini's and then for a while it transformed to eurjpy), and when FX is not moving like 80% of last year, you are very constrained.
True, but in the EM case I think FX offers great potential. For a GBP or USD based investor, over the past few yeas FX has been between a third and a half of the return on EM equities. Its a more liquid market and access costs are low (talking manager fees here). agree with cash4gold wrt to recent moves but broadly I think its a great field that will get even better once carry starts working properly
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