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Managing Currency Exposure in a strong dollar environment

Pensions and Investments, February 2017
As the U.S. dollar is likely to remain strong in the near future, currency risk will be at the front of investors' minds. The theme of global monetary policy divergence among central banks will also prove a major source of volatility for currency and could lead to currency losses fo U.S. investors holding international assets. View »

Active and Proud

Investment & Pensions Europe, Martin Steward, November 2013:
Most re-brands come across as pretty superficial affairs. At best they represent a transition from clunky to funky. But when Lee Overlay Partners changed its name to Adrian Lee & Partners in July 2011, it reflected a profound change in the perception of currency management by institutional investors and consultants – especially in the key UK market. Read more...

Watershed for FX managers: Diversify or die

Pensions & Investments, Rob Kozlowski, 28th October 2013:
Among the traditional currency managers expanding their focus is Adrian Lee & Partners Ltd., which recently launched an emerging markets fixed-income strategy. "We have a pretty good pedigree and our clients have good experience with emerging currencies," said Adrian Lee, president and chief investment officer. "It's a logical extension of our skill set, by no means a capitulation from the currency space." Read more...

Vision Super goes with Adrian Lee for currency

Pensions & Investments, Douglas Appell, 1st October 2013:
Vision Super hired Adrian Lee & Partners to actively manage currency exposures on the Melbourne- based superannuation fund's A$2.3 billion (US$2.2 billion) overseas investments, according to a news release from Adrian Lee. Read more...

Doubts Arise Over U.S. Dollar's Strength

The Wall Street Journal, Nicole Hong, 11th August 2013:
The dollar is stumbling as investors begin to question the relative strength of the U.S. economic recovery, which had powered a rally in the greenback in the first half of 2013. "The trade is no slam dunk, and the dollar has gone down a lot," says Adrian Lee, president of Adrian Lee & Partners, which oversees $6 billion of currency and fixed-income investments. "But it's only a matter of time before it will turn higher again." Read more...

Currency a factor in emerging market fixed income

Super Review, Bela More, 13th June 2013:
Investing in emerging market fixed income requires much more attention to the dynamics of currencies and the monetary policies of various governments, according to president and chief investment officer for Adrian Lee & Partners, Adrian Lee. Read more...

CNBC

24 May 2013 - CNBC Investing Edge Interview

Adrian Lee, President and Chief Investment Officer at Adrian Lee & Partners discuss local currency emerging market fixed income with Louisa Bojesen.

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This Week’s New Products

Wall Street Journal, Eva Szalay and Alexandra Fletcher, 20th February 2013:
Asset manager Adrian Lee & Partners said it has launched a fund strategy covering local currency emerging market fixed income. Read more...

Emerging Markets Local Fixed Income Poses More Risk than Many Perceive

Institutional Investor, By-lined by Adrian Lee, 13th February 2013:
Local fixed-income securities issued in the emerging markets have become increasingly appealing to institutional investors seeking higher returns and diversification benefits. These markets- strong fundamentals, their growing economic weight and sound fiscal management – and the possibility of enhanced gains on both the underlying debt and appreciating currencies make for a compelling case. The reality is more nuanced. Emerging-markets currencies can be volatile in the short term and subject to depreciations that can wipe out positive returns generated by local currency bonds. In fact, the currency risk is more than twice the underlying bond risk. Read more...

FTfm New Funds Column

FTfm, 11th February 2013:
Adrian Lee & Partners is offering an actively managed local currency emerging market fixed income strategy aimed at institutional investors with a management fee of 50bp. Read more...

Bloomberg TV, On the Move, 8th February 2013

Lee: Euro the 'Least Unattractive'
Adrian Lee discusses the position of the euro in the global currency markets and how it was impacted by ECB President Mario Draghi’s comments. View here...

Yen Jumps Most in almost 2 years as Aso Says Drop Was Too Fast

Bloomberg BusinessWeek, Joseph Ciolli and Lucy Meakin, 8th February 2013:
The yen gained for a third day versus the euro after Draghi suggested yesterday the recent appreciation of the 17-nation currency may damp inflation, a signal that further interest-rate cuts remain a possibility. "It's unlikely there’s going to be a concerted effort to talk the euro down compared to the yen and the dollar," Adrian Lee, chief investment officer at currency manager Adrian Lee & Partners in Dublin, which manages more than $5 billion, said in a Bloomberg Television interview. "With the yen weakening so much and so dramatically, it's quite clear that the euro, of the Group of 3, is the place to put your money." The euro may strengthen to $1.45 in the next six months, Lee said.

Investors See Stronger Dollar, Lagging Euro

Wall Street Journal, Ira Iosebashvili and Prabha Natarajan, 7th November 2012:
With the uncertainty of U.S. presidential elections out of the way, investors are beginning to once again see the euro as the laggard of the currency world, even as the U.S. girds itself for what promises to be a drawn-out battle over raising its debt ceiling. "Monetary policy and quantitative easing are exhausted, and U.S. Treasurys are just not attractive for investors. Debt and equities in emerging markets are attractive," said Adrian Lee, the chief investment officer of Adrian Lee & Partners, which manages $5 billion in assets and holds a similar mix of emerging market currencies. Read more...

Shirakawa Bows To Yen Bulls As Intervention Fails

Bloomberg, Emma Charlton and Mariko Ishikawa, 04 June 2012:
Bank of Japan Governor Masaaki Shirakawa is being steamrolled by investors pushing the yen toward a post-World War II high against the dollar, negating his attempts to weaken the currency. According to Adrian Lee & Partners, which manages more than $5 billion from London and Dublin, policy makers may be waiting until the current bout of risk aversion abates. Adrian Lee, President and CIO, said: "The BOJ realizes that the key factors driving the yen higher are beyond their control. They are doing the best they can to slow its appreciation and may intervene when the market is on their side. There was a boost to growth from the temporary stimulus. That is now fading." Read more...

Fund Managers reassess merits of currency investing

FX Week, Chiara Albanese, 18 April 2012:
The article reviewed trends in currency management pointed out by Pensions & Investments, in which it quoted Adrian Lee, President and Chief Investment Officer at Adrian Lee & Partners, who says his firm was considering adding six more frontier currencies to its portfolio. The article also highlights dynamic hedging as one of the bright spots for currency managers.

Money managers experiment with best forex recipe

Pensions & Investments, Thao Hua, 16 April 2012:
Adrian Lee, president and chief investment officer at Adrian Lee & Partners, London, said changes over the years have mostly been to broaden the opportunity set. "For example, we're now researching to add six frontier markets currencies," said Mr Lee. The firm added a dozen emerging markets currencies in 2004 and expanded that investment universe by six more currencies in 2006. "Our strategy is quant-driven with a healthy dose of subjective decision-making," Mr Lee said. Through the 2008-2009 credit crisis, the active overlay strategy underperformed for about four months, but "if you stuck with us, we made more money than we lost when the markets recovered," he added. Read more...

FX strategists and currency managers report growing interest in frontier currencies such as the Kenyan shilling, Ugandan shilling and Nigerian naira

FX Week, Chiara Albanese, 09 April 2012:
A continued environment of low interest rates and global economic uncertainty is driving foreign exchange investors to consider new frontier currencies that in the past might have been considered too exotic or illiquid to merit serious attention. Active currency management firm Adrian Lee & Partners plans to add positions in six new currencies before the end of the second quarter: the Egyptian pound, Kazakh tenge, Romanian leu, Tunisian dinar, Ukrainian hryvnia and Kenyan shilling.

Bloomberg TV

05 April 2012 - Bloomberg Television's "InBusiness With Margaret Brennan."
Adrian Lee, president and chief investment officer at Adrian Lee & Partners, talks about investment strategy in the currencies of so-called frontier markets. View here...

China Is Blamed For Asia Declines

Wall Street Journal, Erin McCarthy, 02 April 2012:
The MSCI Emerging Market Currency index, which tracks developing economies' exchange rates against the dollar world-wide, is up 3.9% this year, while the MSCI index that tracks emerging Asian currencies is up just 1.9%. Last year, Asian currencies fell 0.3%, compared with a 2.6% drop in the global emerging-market index. "We've had a little bit of spin taken off the emerging Asian currencies," said Adrian Lee, president and chief investment officer of active currency manager Adrian Lee & Partners, based in London and Dublin "We have seen a little bit of money pulling back, perhaps a little bit less enthusiasm for those currencies." Read more...

Foreign exchange still in everyone's sights

The Banker, Philip Alexander, 1 April 2012:
The high-frequency world of electronic trading is not appropriate for long-term investors. Adrian Lee & Partners, a specialist currency manager that advises more than £5bn ($7.94bn) in institutional investor funds, uses fully disclosed single orders for each trade needed, checking pricing with each possible counterparty. Read more...

Tenga comes to the world forex stage

Market Leader, Marina Kudinova, 29 March 2012:
Forex traders are paying more attention to the prospects and dynamics of currency markets in frontier economies. Asset managers such as Adrian Lee & Partners, which manages $8 billion worth of assets, have also shown increasing interests. The firm’s founder Adrian Lee announced the plan to add six frontier currencies to their portfolio by the second quarter of this year. They include: Kazakh tenge Kenyan shilling, the Egyptian pound, Romanian leu, the Tunisian dinar and Ukrainian hryvnia. Read more...

Frontier currencies irresistible as Nigerian naira yields more

Bloomberg, 26 March 2012:
Foreign exchange traders, faced with lower volatility and record low interest rates in the US, Europe, the UK and Japan are searching for returns as far afield as Kazakhstan and Nigeria. Money manager Adrian Lee & Partners will add positions in six currencies, including Kazakhstan’s tenge and the Kenyan shilling by the end of the second quarter. "After we’ve done six, we’ll try and find another four or five, it’s a gradual process of doing more and more in the currency space", Lee said. "We see our clients allocating capital to these frontier markets in their portfolios." Read more...

Russian ruble offer better potential than developed market currencies

Quote RBC, Staff Writer, 02 March 2012:
The outlooks for developed market currencies are not promising because of their growing debt burden. The yields they offer do not match those of developing market currencies, including the Russian ruble. Founder Adrian Lee & Partners Adrian Lee commented in an interview with Bloomberg: "Compared with the currencies of Western countries and Japan, we see great potential in the currencies of developing countries - the Russian ruble, Asian and Latin American currencies." Read more...