Audits attract UK funds to overlay

Overlay managers are using the tool to persuade funds of the cost savings they can make when transacting forex -- a hot topic for UK fund managers since the March 2001 publication of the Myners Report. The government-commissioned report, carried out by Gartmore Investment Management chairman Paul Myners, highlighted transaction costs in FX as a key area in which pension funds could save money.

Windsor-based currency overlay manager Record Currency Management began its currency audit service