Russell Investments Wins Currency Overlay Mandate

Russell Investments says it has been appointed by Income Insurance, a Singapore composite insurer, to manage an $8.6 billion FX overlay mandate across its global investment portfolio.

Under the mandate, Russell Investments will deliver a customised FX overlay programme to manage Income Insurance’s currency exposures in line with its overall investment objectives.

The solution provides transparency over FX exposures across asset classes and regions, enabling more effective management of currency risk, the firm claims. Russell Investments will also support overlay implementation through a streamlined operating model, leveraging straight-through processing and direct integration of custodian data.

Russell Investments’ currency capabilities include an agency-only model with multi-venue access to more than 25 banks and 50 streaming liquidity providers, it says, adding that in 2025, it traded over $630 billion in FX across more than 190 currency pairs.

Income Insurance manages a diversified $33.6 billion multi-asset investment programme spanning bonds, equities, and private assets and serving close to 1.4 million customers.

“Russell Investments stood out for its portfolio hedging and implementation expertise,” says David Chua, chief investment officer, Income Insurance. “The proposed solution aligns with Income Insurance’s investment model towards operating efficiencies and execution capabilities.”

Jason Edgar, head of Asia-Pacific at Russell Investments, adds, “We see Income Insurance’s appointment as a clear sign of the rising demand for currency solutions. Delivering efficient implementation to improve returns for insurers and family offices is a core part of our continued expansion in Asia.”

Meanwhile, Alistair Martyres, director, customised portfolio solutions, Asia-Pacific at Russell Investments, says, “Institutional investors are placing greater emphasis on how currency exposures are managed within complex global portfolios. FX management has become an increasingly important component of portfolio implementation and risk management. A disciplined overlay programme can provide greater transparency across currency exposures while supporting more efficient and consistent execution.”