State St to launch FX fund in fourth quarter

"We are now creating a currency fund, with fixed income and managed futures funds to follow next year," said Chris Woods, who moved over from his role as UK chief investment officer in June to head SSgA’s hedge fund business.

SSgA has run a currency overlay strategy for several years. It first began using currency as a source of absolute returns for two clients earlier this year, said Woods. The new FX fund will be run using a systematic trading approach, but there will also be some discreti