The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Currency investment management: Overlay pioneer to list on LSE

Currency investment manager Record announced on November 9 plans to list on the London Stock Exchange, with the flotation scheduled to go ahead by the end of the month. The company, set up by former Bank of England economist Neil Record in 1983, was one of the first specialist currency investment management firms. Its decision to list on the London Stock Exchange is believed to be another first by an overlay manager.

Record had $54.7 billion under management at the end of September 2007, $28.5 billion of which was in its relatively new absolute return fund, established in 2003. Revenue for the year ended March 2007 came in at £35.2 million, which generated an operating profit of £19.4 million. For the six months to the end of September, revenue had risen to £42.6 million, with operating profit of £26.2 million. The increase is apparently a reflection of the greater acceptance of FX as an asset class.

The company was planning to sell just over 25% of its ordinary shares, with directors agreeing to a lock-in period to ensure that there is a balance between new shareholders’ interests and their own. The company was said to be looking for a market capitalization of between £400 million and £500 million.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree