Record PLC Business Update (4003D)
29 Juni 2021 - 8:00AM
UK Regulatory
TIDMREC
RNS Number : 4003D
Record PLC
29 June 2021
RNS 29 June 2021
Record plc
("Record" or "the Company")
Launch of the Record Emerging Market Sustainable Finance
Fund
Record secures exclusive Strategic Partner: UBS Global Wealth
Management for a Global First
Record plc, the specialist currency and derivatives manager, is
pleased to announce, on an exclusive basis, the strategic
partnership with UBS Global Wealth Management for its newly
launched Record Emerging Market Sustainable Finance Fund.
Record has a longstanding and valued relationship with the UBS
group. This represents a new collaboration with the UBS Global
Wealth Management arm, as both managers seek to provide innovation
in sustainable investments via exposure to emerging market ("EM")
local currencies. The managers believe this unique investment
strategy for private clients shows both significant innovation and
commitment to the development of new sustainable investment
products, which they expect to have broad and growing appeal for
years to come.
The new UCITS ICAV fund aims to improve the flow of development
finance to emerging markets and to enhance financing projects in
illiquid markets. The strategy targets positive sustainability
outcomes using trading in liquid EM currencies designed to help
stabilise EM exchange rates and to absorb currency risk. Further,
active engagement with counterparty banks encourages improvements
in areas of ESG, and investing in an underlay of social and
sustainability bonds in addition to bonds issued by multilateral
development banks will have a positive environmental, social and
economic impact.
Record will leverage every component of its strategy to increase
its contribution to sustainable finance by investing over longer
time horizons, in illiquid currencies, and in currencies with
elevated volatilities, or in periods of drawdowns.
The new exclusive partnership between Record and UBS Global
Wealth Management allows UBS clients to benefit from a unique
investment strategy and from Record's expertise and experience
gained in over 38 years in the currency markets. The fund aims for
an attractive, reliable return, with the additional benefit of
daily liquidity. Fund size at launch will be approximately USD 750
million.
Leslie Hill, CEO of Record plc commented:
"Today's milestone is a pioneering achievement for UBS Global
Wealth Management, Record and the industry, but also one which
reflects Record's strengths both in building on its long-term and
trusted client relationships to collaborate in developing new and
innovative investment products, but also in our team's perseverance
to make this sustainability fund a reality. The target universe for
Record's Emerging Market Sustainable Finance Fund is large; with
UBS Global Wealth Management in partnership responding to the
anticipated demand for a sustainable currency strategy, we aim to
grow and develop this fund further over the coming years.
This fund launch is the latest development in our strategic
transition towards modernisation and growth, whilst also developing
our ESG and sustainable investment capabilities, a very important
area for Record."
Mark Haefele, Chief Investment Officer, Global Wealth Management
at UBS commented:
"Shaping a sustainable path for our clients at UBS Global Wealth
Management is paramount. This strategic partnership with Record is
another important step in our journey to create long-term effective
ESG opportunities for our clients, while supporting sustainable
development projects in selected emerging markets by helping to
reduce exchange rate volatility and manage currency risk. The
academic community has provided substantial evidence for the need
to reduce exchange rate uncertainty and increase availability of
local currency financing in support of economic growth in
developing markets. We are confident that with Record's expertise
in sophisticated currency products, we can capitalize on the latent
demand for an innovative fund of this kind to deliver sustainable
outcomes from our investments and long-term attractive returns for
our clients."
Enquiries:
Record plc +44 (0) 1753 852 222
Leslie Hill - Chief Executive Officer
Steve Cullen - Chief Financial Officer
Buchanan +44 (0) 20 7466 5000
Giles Stewart record@buchanan.uk.com
Victoria Hayns
Henry Wilson
George Beale
Notes to Editors
Record plc
Founded in 1983, Record is an independent, specialist currency
and derivatives manager and has established a market leading
position in managing Currency Hedging and Currency for Return for
institutional clients.
The Group has four principal reporting lines:
- Dynamic Hedging, where Record seeks to eliminate the
impact of currency movements on elements of clients'
investment portfolios that are denominated in foreign
currencies when these movements are expected to result
in an economic loss to the client, but not to do so
when they are expected to result in an economic gain;
- Passive Hedging, where Record seeks to eliminate fully
or partially the economic impact of currency movements
on elements of clients' investment portfolios that are
denominated in foreign currencies;
- Currency for Return, in which Record enters into currency
contracts for clients with the objective of generating
positive returns; and
- Multi-Product, where the client mandate includes combined
hedging and return-seeking objectives.
Record (LSE: REC) was admitted to trading on the London Stock
Exchange on 3 December 2007.
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