[1][3][5][6][7][8] In April 1985, Record was awarded the first institutional currency overlay investment mandate by UK Water Authorities’ Superannuation Fund.

[9] In November 2007, Record held its initial public offering on the London Stock Exchange to become a listed company and raised $183 million.

[7] In the mid-2000s, currency overlay was a popular strategy as foreign investors in US equities hedged against a weakening USD.

[6] In June 2012, the board of directors at Record, took a 10% pay cut due to continued decline in financial performance.

During this time there was a growing trend for US pension and mutual funds to increase foreign investments which lead to the need to hedge these exposures which would benefit Record.

In addition its main competitors were banks which suffered from reputational damage due to the financial crisis which encouraged clients to employ different currency managers to mitigate risk.