Natural hedges: swapping the City for New Zealand

A decade trading forex in London served as ideal preparation for Tony Beard’s second career advising a Maori tribe on hedging

New Zealand
New Zealand's South Island is home to the Ngāi Tahu tribe

Ask a City banker to imagine a job in the financial markets that is as far removed from a London foreign exchange trading floor as possible. Some might picture working for a small hedge fund nestled in the Swiss mountains, or a risk management role for an oil major in the Texas desert. It’s a fair bet not many would plump for advising an indigenous tribe on hedging income from its weekly lobster catch, or how to seek natural offsets for its milk exports.

“We’re a traditional corporate hedger in

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