bfinance’s Toby Goodworth on active currency overlays and managing FX in portfolios
INTERVIEWSERIES
Toby Goodworth, PhD, Managing Director, Head of Liquid Markets, bfinance
May 2026
In this exclusive interview, Toby discusses active currency overlays, including how they differ from a conventional strategic FX hedge, the challenges investors typically face in implementation and their role in the context of the broader portfolio. He addresses what the ideal market conditions are for utilising active currency overlays and explains what investors should expect from a successful active currency overlay program.
Watch the full interview which covers:
00:13 - What is an active currency overlay, and how does it differ from a conventional strategic FX hedge?
00:57 - What are the ideal market conditions for an active currency overlay?
02:29 - How should investors use active currency overlays in the context of their wider portfolio?
03:53 - What are the typical outcomes from an active currency overlay? What should investors expect from a successful active currency overlay program?
06:01 - What are some of the key challenges investors face when implementing an active currency overlay?
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Toby Goodworth, PhD, Managing Director, Head of Liquid Markets, bfinance
Toby is Head of Liquid Markets at bfinance and a member of the firm's Senior Management Team.
Previously, he was Head of Risk Management and a member of the Investment Committee at Key Asset Management, one of Europe's oldest fund of hedge funds. He has over 23 years of industry experience, including 20 years as an allocator within the hedge fund industry.
Toby holds a PhD in Physics from University College London and a First Class honours degree in Physics, also from UCL.
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