NEC hires JPMorgan for overlay

Increased foreign equities exposure requires a more strategic approach to currency hedging.

The Ñ661 billion $5.5 billion Pension Fund of NEC Corporation is now hiring JPMorgan Fleming as a currency overlay strategist to cover its burgeoning exposure to international equities, says Goichi Ohno, executive director in Tokyo.

The fund faces a Ñ114 billion deficit between what it has promised employees in its defined benefit retirement plan and the assets it is managing - a typical scenario for Japanese companies, which until the mid-1990s had their hands tied by strict regulations about...

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