UK pension funds hesitant on easy returns

"You have to be patient with trustees," said Brendan Reville, head of investment manager monitoring and research at UK railway employees’ fund Railpen Investments. "They will accept the [overlay] programme, but it takes a lot of meetings to get through this."

Reville, speaking at an overlay conference hosted by ABN Amro in London last week, said the process of setting up a currency overlay programme at Railpen took a total of two and a half years from inception. Most of this process was compl