Pressure on funds’ currency management set to intensify

A decision on the Equitable Life Assurance Society case is expected this month on whether the company has the right to take its former non-executive directors to trial for failing to hedge risks. If so, the case would be the first in the UK to raise the issue of personal liability for inadequate hedging, bringing huge implications for those firms that have been slow to use derivatives.

For UK pension funds in particular, renowned for their tardiness in this area, this will only add to a

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