Notice on Investment Management Services for Currency Funds
October 11, 2013
Bayview Asset Management (BVAM) started its investment management services for currency in March 2000 for Japanese investors who needed to hedge the foreign currency risks embedded in their investments. Since then, BVAM has been partnering with FX Concepts, LLC (FXC), an independent and specialized currency manager in the U.S., both in its absolute return and overlay products. FXC, however, announced on October 10, 2013, that it would wind down its investment management business (please refer to their press release as of October 10, 2013). Accordingly, BVAM would like to announce that its investment management services for currency funds will terminate once all the currency funds are cashed and returned to existing investors completely.
The assets under management related to currency funds at BVAM is only about 2.5% of the total assets under management (as of end-September, 2013 on the investment balance basis). The effect on BVAM's business from the wind-down of the investment management services for currency funds is limited.
Meantime, FXC continues to provide its research and overlay advisory services, and BVAM intends to remain as its partner in these fields.
For inquiries, please contact the Investment Management Planning Department at 813-5210-3341.