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Article

Managing Currency Risks for Global Families

Joachim Klement and Yves Longchamp
The Journal of Wealth Management Fall 2010, 13 (2) 76-87; DOI: https://doi.org/10.3905/jwm.2010.13.2.076
Joachim Klement
is chief investment officer at Wellershoff & Partners Ltd. in Zurich, Switzerland
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  • For correspondence: joachim.klement@wellershoff.ch
Yves Longchamp
is a strategist at UBS Wealth Management Research in Zurich, Switzerland.
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  • For correspondence: yves.longchamp@ubs.com
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Abstract

In a world of increased mobility and globalized business, many families face increasing complexity in the area of currency risk management. This article describes the sources of currency risks for global families and suggests ways to manage them for both ongoing living expenses and cash flows as well as the long-term investment portfolio. In the presence of highly uncertain future consumption, hedging foreign currency risks may become less favorable and a more generic currency allocation to optimize long-term risk–return benefits may be applied. The authors test several of these approaches and find that a consumptionweighted currency basket or equal-weighted baskets may perform best.

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The Journal of Wealth Management: 13 (2)
The Journal of Wealth Management
Vol. 13, Issue 2
Fall 2010
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Managing Currency Risks for Global Families
Joachim Klement, Yves Longchamp
The Journal of Wealth Management Jul 2010, 13 (2) 76-87; DOI: 10.3905/jwm.2010.13.2.076

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Managing Currency Risks for Global Families
Joachim Klement, Yves Longchamp
The Journal of Wealth Management Jul 2010, 13 (2) 76-87; DOI: 10.3905/jwm.2010.13.2.076
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  • Article
    • Abstract
    • GLOBAL FAMILIES WITH GLOBAL LIFESTYLES
    • MANAGING CASH FLOW NEEDS IN THE PRESENCE OF CERTAIN CASH FLOWS
    • MANAGING CURRENCY RISKS IN THE PRESENCE OF UNCERTAIN CASH FLOWS
    • CURRENCY RISKS IN A MULTI-GENERATIONAL INVESTMENT PORTFOLIO
    • LOOKING FOR THE OPTIMAL HEDGE RATIO
    • SUMMARY
    • ENDNOTES
    • REFERENCES
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