US banks target Australian pensions for hedging business

Forward push: AustralianSuper chief investment officer Mark Delaney in Melbourne. Australia’s largest pension fund wants to put more money into private market investments and will further boost its exposure to overseas assets. — Bloomberg

NEW YORK: Wall Street banks are jostling for business from Australia’s pension funds as the world’s fastest-growing pool of retirement savings looks to hedge its chunky overseas investments.

Bank of America Corp hired industry veteran Scott Breakwell last month from Deutsche Bank AG to lead its foreign exchange forwards trading desk in Sydney amid growing business from pension funds.