Record Currency Management (US)

Record does not select stocks, bonds, or alternative assets. It manages only the currency exposure embedded in client portfolios. The firm offers passive hedging to remove unwanted FX risk, active programs that seek to add returns above the hedging benchmark, and bespoke overlay mandates tailored to each institution's underlying asset mix. This means Record's performance is entirely driven by foreign exchange markets, not by equity or credit selection.

Record's core client base consists of corporate and public pension funds, endowments, foundations, and sovereign wealth funds. The US subsidiary also advises investment funds, corporations, and high-net-worth individuals, including family offices that have significant cross-border exposure. Any institution with unhedged foreign currency risk — from international equity holdings, private markets commitments, or operating-business revenue — is a potential client.

The firm structures its mandates almost exclusively as separately managed accounts. Each client receives a currency program tailored to its specific underlying portfolio, risk tolerance, and hedging benchmarks. This bespoke approach allows a pension fund with 40% international equity and a sovereign wealth fund with heavy private-market commitments to receive fundamentally different currency treatments, even though both run on Record's systematic models.

The New York office is a direct subsidiary of Record plc, the London-listed parent company. Record plc was founded in Windsor, UK in 1983 and listed on the London Stock Exchange in 2007. The US subsidiary extends the firm's client coverage and service capabilities to North American institutions while drawing on the same quantitative investment models, research team, and operational infrastructure as the parent.

Record avoids any asset class or strategy that does not involve currency management. The firm does not manage equity portfolios, credit funds, private equity, venture capital, real estate, or hedge fund allocations. It also does not take proprietary directional risk on its own balance sheet — all trading activity is conducted on behalf of client mandates within pre-agreed risk parameters.

Record's investment process is fundamentally quantitative and model-driven, reflecting the academic and central-bank background of founder Neil Record. The models generate signals from factors including interest-rate differentials, momentum, and valuation. However, portfolio managers retain the ability to override model outputs in extreme market conditions or when model assumptions break down — a hybrid approach that combines systematic signals with occasional discretionary intervention.

Because currency forwards and swaps require bilateral counterparty agreements, Record maintains relationships with a wide panel of global banks and brokers. The firm negotiates credit support annexes and collateral agreements on behalf of each client, typically using custodial structures that separate client assets from the firm's own balance sheet. This operational architecture is central to its pitch to risk-sensitive institutional allocators.