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Our currency strategies provide investors with the opportunity to generate excess returns from the movement in exchange rates. They also enable investors to control some of the risks inherent in cross-border investments and liabilities.

Currency Thoughts

Our approach to currency management

Currencies are an inherited exposure that can have a sizeable short-term impact on portfolios. Unmanaged currencies can have high risk and low return in the long term. Actively managing currency exposure can therefore help to address currency volatility and also add value.

Our currency team seeks to provide currency solutions for a wide variety of clients. We have established a long-term track record of delivering performance in the currency industry through innovation and continuous self-assessment.

Our strategies include Currency Risk Management, which seek to control risk using sophisticated passive management techniques, Active Currency Overlay, which uses active management of both major and emerging market currencies, and currency as an alternative investment.


Currency Thoughts

What’s holding back the Canadian dollar?

March 2019

Unusually, and despite the currency generally being regarded as cheap, the Canadian dollar has weakened throughout the Bank of Canada’s hiking cycle over the last two years. With economic growth stalling towards the end of 2018 and the Bank of Canada adopting a more balanced outlook, questions are re-emerging about the outlook for the currency over the medium term.

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January 31st, 2019

For most of 2018, eurozone and US monetary policy appeared to be on a largely preset course. The European Central Bank (ECB) suggested that its quantitative easing programme was likely to cease at the end of 2018, with rate increases to follow in the late summer of 2019. The Federal Reserve was happy, meanwhile, to continue with gradual, once-per-quarter rate hikes.

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December 31st, 2018

Brexit uncertainty continues to dominate the outlook for sterling, but most likely paths eventually (with some volatility) lead to relatively soft Brexit outcomes.

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J.P. Morgan