Mesirow Financial, has appointed Joseph Hoffman as CEO of its currency management business.
The firm says Hoffman, “strengthens the team with his proven success of providing objective, strategic advice to implement best practice currency risk programmes for clients’ unique set of circumstances”.
Hoffman joins from Russell Investments, where he co-founded the firm's Currency Implementation business in 2003, and most recently, as global head of currency, led the team responsible for hundreds of currency overlay accounts with assets under management in excess of $60 billion.
Michael DuCharme has joined Mesirow Financial as director, currency solutions within its currency management business, which provides custom risk solutions, ranging from passive to active currency risk management.
He joins from Russell Investments, where he spent 17 years focused on trading systems and processes. Most recently, he was head of currency strategy, helping clients develop strategies to reduce their FX transaction costs while minimising risk. DuCharme started his career as an engineer, including a tour of duty as a civil engineering officer in the United States Air Force.
Ian Battye, chief investment officer, currency, at Russell Investments, talks to Profit & Loss about the next steps for driving the adoption of the Global Code of Conduct within the FX industry.
Profit & Loss: The FX Global Code of Conduct has obviously been a big initiative within the industry, but how much do your clients – the asset owners – know about it?
Ian Battye: Perhaps a little disappointingly there isn’t a great knowledge of even its existence amongst asset owners. That’s why at the moment we’re trying to help create a level of awareness around the Code by explaining why we have signed up to it.
Much has been made of the low buy side sign up to the FX Global Code, but as Colin Lambert finds out, it is likely only to be a matter of time.
Talk to senior members of the Global FX Committee and one can discern a sense of exasperation when they are asked (probably for the tenth time that day) about the lack of buy side adoption of the FX Global Code. The exasperation stems from what is the thorn in the side of the GFXC that is low adoption rates.