Goldman, BofA Target Australian Pensions for Hedging Business

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. Goldman Sachs Group Inc. and Citigroup Inc. are among other global lenders bidding to meet the increasing demand from these money managers Down Under. The largest funds collectively control more than $650 billion in assets outside Australia.