Ill. pension fund tracking forex trades after overpayment

(Crain's) — The head of Illinois' pension fund is now tracking the cost of foreign currency trades after learning that he paid much more than institutional investors' average for the better part of 2010, according to a report.

William Atwood has also sharply reduced the portion of such trades made through State Street Corp., the Illinois State Board of Investment's custody bank, according to a story in the Wall Street Journal.

Mr. Atwood now requires investment managers for the fund to record the exact times and prices of foreign currency trades, and he gets quarterly currency cost reports, the Journal said.

Illinois pension fund tracking foreign currency trades after overpayments

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