Russell Investments wins $8.6bn mandate

Russell Investments has been appointed by Income Insurance, a Singapore-based composite insurer, to manage an $8.6 billion foreign exchange (FX) overlay mandate across its global investment portfolio.

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.

Income Insurance chief investment officer David Chua said Russell Investments stood out for its portfolio hedging and implementation expertise.

"The proposed solution aligns with Income Insurance's investment model towards operating efficiencies and execution capabilities," Chua said.

Russell Investments head of Asia-Pacific Jason Edgar said securing the mandate was 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," Edgar said.

Russell Investments director, customised portfolio solutions, Asia-Pacific Alistair Martyres added: "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."

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 effective management of currency risk.

Russell Investments will also support overlay implementation through a streamlined operating model, leveraging straight-through processing (STP) 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. In 2025, Russell traded over $630 billion in FX and over 190 currency pairs.