Active currency overlay managers failed to add value in the second half of last year, almost wiping out the gains made in the first half of 2007, according to BNY Mellon Asset Servicing.
The custodian's analysis of 17 separate active currency overlay managers running a total of $93bn (â¬60bn) showed that the median excess return for the three months to the end of December last year was -0.32%. The median excess return for the previous quarter was -0.42%.
