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Foreign Exchange Come of Age

In a world of rising volatility, active currency management is an appealing source of alpha — even for pension funds.

Historically, active currency management has not gotten much respect. Institutional investors typically have referred to currency trading in the same breath as exchange-traded pork bellies, despite its being a longtime favorite of the hedge fund set led by the great global macro traders of the 1980s and early ’90s: Julian

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