Flexibility and pragmatism are lynchpins of fund currency

Adrian Owens is lead manager of the JB Global Rates Hedge Fund. Before the JB Discretional Currency Fund was planned, it became increasingly apparent that the bulk of the global rates returns were consistently coming from his currency and foreign exchange positions. "Looking at that, I wanted to be able to capitalise on it," he says.

At the same time Augustus Asset Managers, operating in London since 1983, had always been an interest rate and currency shop. Interest rate products were offered to

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