Bank One Corp. has started offering risk management services to institutional clients on their international investments.

Currency overlays, which aim to boost returns and reduce risks of investments in assets denominated in foreign currencies, are available through a new subsidiary, First Chicago Currency Advisors. The unit linked up last month with GK Investment Management Inc., a money manager based in Bloomington, Ill., to offer the service.

GK Investment, a registered investment adviser as well as a commodity trading adviser, will consult First Chicago on trades in over-the-counter forward contracts in currencies, said Frederick Stambaugh, president and chief executive officer of First Chicago Currency.

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