■ Launch of a Currency Impact fund early in 2021.
■ Massive US$8bn dynamic hedging mandate win.
Leslie Hill took the helm of currency manager Record (REC:40.5p) at the start of the year and the new chief executive is already making a mark. Driven by the fresh impetus under her leadership, Record has created a new global macro currency hedging strategy to expand its product offering, won a massive US$8bn dynamic hedging mandate just before the September half-year end, and plans to launch a Dublin-based Currency Impact Fund in collaboration with a European wealth manager at the start of 2021.
The new fund will be initially seeded with “several hundred million dollars at active fee rates” and is a strategically important development as it widens the product offering to incorporate Impact investment programmes. It should prove popular as the [undisclosed] wealth manager is accustomed to “thinking of mandates in billions” and has entered an exclusivity deal with Record for 18 months on the retail side. Record can leverage the product for institutional clients.