German asset manager 7orca is entering the French and Belgian institutional markets through a new partnership with Paris-based Dufolio, with a particular focus on systematic foreign-exchange risk management across liquid and private-market assets.
7orca Asset Management AG has partnered with Dufolio to develop its institutional business in France and Belgium, marking the German FX specialist’s latest step in its pan-European expansion strategy.
Effective September 1, 2026, the collaboration will see Dufolio act as 7orca’s regional contact in France and Belgium, supporting the firm’s dialogue with institutional investors and the implementation of its systematic FX Overlay solutions.
Founded in 2017 and headquartered in Hamburg, 7orca has grown its assets under management to approximately €23 billion, serving institutional investors through systematic approaches to currency management and risk.
Private markets emerge as a key focus
While 7orca’s offering covers currency exposures across all asset classes, the partnership will place particular emphasis on the FX risks associated with private-market investments.
Unlike liquid portfolios, private-market currency exposures can be more difficult to identify and measure. They may arise through capital calls, distributions and valuations and can be spread across multiple investment structures, often requiring a dedicated look-through approach.
7orca says its proprietary FX exposure database, developed since its launch in 2017, now covers close to 1,000 investments across a wide range of funds and managers.
The database is used to identify and aggregate the economic currency exposures embedded in an investor’s overall portfolio. These exposures then form the basis for determining the appropriate hedging strategy, including the methodology, hedge ratio and instruments to be used.
The firm’s FX management approach combines four components: exposure management, investment strategy, implementation and reporting. Execution is carried out according to best-execution processes designed to optimise transaction costs, while reporting provides investors with transparency on exposures, implementation and results.
Building a European institutional footprint
The French and Belgian markets represent an important next stage in 7orca’s ambition to establish itself as a leading European currency manager.
“Our strategic objective is to make 7orca one of the leading pan-European currency managers,” said Tindaro Siragusano, founder and CEO of 7orca. “France is a key target market for us and, from an institutional perspective, one of the most important in Europe.”
According to Siragusano, the international diversification of institutional portfolios in both France and Belgium is creating growing demand for specialised currency management.
“Our starting point is not the product, but the investor’s portfolio and objectives,” he added. “With Dufolio, we have found a professional partner with proven market knowledge for this stage.”
For Dufolio founder Katherina Duong-Bernet, CFA, the partnership comes as currency risk returns to the forefront of institutional portfolio management.
“Investing internationally also means taking on currency risk, and the way it is managed can have a significant impact on portfolio performance, risk and capital efficiency,” she said.
Duong-Bernet also highlighted the governance dimension of structured FX management, particularly for investors establishing a dedicated currency-risk framework for the first time.
Broader FX capabilities
Beyond FX Overlay, 7orca provides institutional clients with FX Exposure Management, FX Structuring, FX Execution and FX Consulting. The mandates managed by the firm range from several tens of millions to several billion euros.
Dufolio, meanwhile, is an independent third-party marketer based in Paris, supporting selected asset managers with their institutional development and European market expansion.
The partnership therefore combines 7orca’s specialised currency-management infrastructure with Dufolio’s local institutional market reach, as the German manager seeks to deepen its presence across Europe.
Sophie Stevenard
