UK pension funds face cashflow crisis
Cristoforo Rocco, managing director at London-based currency management company AG Bissett, said a period of positive returns from a passive hedging strategy might have built on the "misconception" passive hedging was a cost-free exercise.
A report from the company released in the fourth quarter of 2007 said pension funds need to have the available funds for the "substantial" cash settlements that a significant and sustained downturn in GBP could bring.
"We believe people have taken on board
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