New market, new risks

Among those new opportunities is the growth of interest in FX as an asset class, which has led to the continuing rise of the overlay manager.

This has come partly in response to difficult trading environments in other asset classes. "In the context of lower returns available in other financial markets, the marginal returns from currency overlay can be very appealing," said Fisher.

But targeting FX as a source of extra return is "intriguing", said Fisher, "given that the taking of directi