Currency Management

We are an independent currency management specialist delivering innovative, customized solutions to institutions globally. 

For institutional investors

$156B

in currency assets under management*

24

hour trading capabilities + global operational coverage

30+

years providing custom FX solutions

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“As more money is allocated overseas, investors are evaluating their exposure to foreign exchange risk and looking for custom currency management solutions from an experienced and independent firm.”

Joseph Hoffman, CEO, Mesirow Currency Management

Custom currency strategies

Our currency solutions are calibrated to strike a balance between risk and reward while remaining free from conflicts of interests associated with bank affiliated organizations or publicly-held firms.

Currency solutions

RISK OVERLAYS

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PASSIVE AND DYNAMIC RISK MANAGEMENT

Customized solutions to manage unrewarded currency risk

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CURRENCY ALPHA

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CURRENCY FOR RETURN

Strategies aiming to profit from short- and medium-term moves in the currency markets

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EXECUTION

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OUTSOURCED TRADING

FX execution and trading solution focusing on reducing transaction costs and enhancing efficiency

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2024 Currency outlook

Uto Shinohara, CFA, Senior Investment Strategist, explains the potential for more FX market volatility into 2024. With known and unknown risk events on the horizon, preparing beforehand for potential market impacts is of utmost importance. We recommend that institutions have a currency hedging policy firmly in place prior to unexpected events to responsibly manage currency risk in their international exposures.

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Senior leaders

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Joseph P. Hoffman, CFA

Chief Executive Officer | Currency Management

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Michael Zehfuss

Senior Managing Director | Currency Management

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Headshot of Richard Turner

Richard Turner

Managing Director | Currency Management

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Headshot of Uto Shinohara

Uto Shinohara, CFA

Managing Director | Currency Management

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Global principles

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Global FX code of conduct

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Member FXPA

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Strategic partners

Clients value our team’s accessibility, diverse perspectives and expertise. Across Portfolio Management, Trading, Operations and Client Management, we work to build longstanding, strategic client relationships that are further enhanced by our strategic partner relationships.

For more than a decade, Mesirow Currency Management has exclusively partnered with Perreard Partners Investment in Switzerland and Warakirri Asset Management in Australia to provide European and Australian clients with customized currency management services. These partners provide valuable in-market expertise, delivering locally-based service to Mesirow currency clients while committing to the highest standards in transparency, client loyalty and independence.

Regulatory Disclosures >

*Data as of 12.31.2023 unless otherwise noted. Currency assets under management includes AUM associated with (i) active and passive currency risk management products $153.36 billion, (ii) non-fx overlay strategies such as equitization and beta overlays $812.20 million, and (iii) alpha strategies $1.88 billion. In all such cases, AUM is calculated based on notional value of currency investments. Additionally, AUM for alpha strategies is adjusted because clients can select a volatility target (generally between 2% and 12% annualized), which is normalized to 2% in order to create a consistent depiction of alpha strategy AUM. This results in a “scaled” AUM, which is higher than the actual aggregate notional value of all alpha strategy portfolios if clients have selected a volatility target higher than 2%. As of 12.31.2023, the “unscaled” AUM for alpha strategies was $454.60 million.  Track record for Currency Risk Management Overlay strategies prior to May 2004, the date that the Currency Risk Management team joined Mesirow, occurred at prior firms. Track record for Currency Alpha and Macro strategies prior to October 1, 2018, the date that the Currency Alpha and Macro Strategies team joined Mesirow, occurred at prior firms.

The information contained herein should not be construed as a recommendation to purchase or sell any particular security or investment vehicle offered by Mesirow . The information included has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. Any opinions expressed are subject to change without notice. Mesirow Financial Investment Management, Inc. and its affiliated companies and/or individuals may, from time to time, own, have long or short positions in, or options on, or act as a market maker in, any securities discussed herein and may also perform financial advisory or investment banking services for those companies. It should not be assumed that any recommendations incorporated herein will be profitable or will equal past performance. Any stated performance results include the reinvestment of dividends and other earnings. Investment management services offered by Mesirow Financial Investment Management, Inc., an SEC-registered investment advisor.