The bandwagon underperforms as discretionary managers find success

Trend followers hit hard times while new funds enter the currency strategy amid Canadian weakness and dollar strength

The hedge fund industry was busy planning launches of currency funds in June with processes that ranged from pure systematic to discretionary programmes.

London's Rhicon Currency Management UK launched its third fund, the Rhicon Strategic Fund, which Peter Jacobson, managing director at Rhicon Currency Management UK, says adopts a discretionary approach using technical analysis to decide on trading positions.

He says the programme underlying the Rhicon Strategic Fund has made money in the past few

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