Change at Record’s helm, but not its investment case

Record’s (REC:65.3p) well-regarded chief executive Leslie Hills is retiring after four years at the helm, ending a 31-year career with the currency manager. However, Hills will be leaving the business in safe hands as her successor, Dr Jan Witte, is chief executive of the group's two regulated subsidiaries: Record Currency Management Limited and EU-based Record Asset Management GmbH.

Importantly, the board will continue targeting multiple organic growth initiatives, diversifying the product mix into higher-margin scalable products and acting as currency manager to asset managers. In the first half, Record launched two new funds: Record Diversified GP Stakes, which takes minority stakes in alternative asset managers; and Record Protected Equities, which adds downside tail-risk protection to an international equity portfolio. A third fund, which focuses on infrastructure assets, is scheduled to launch in the first quarter of 2024.