Agreement to create New Curre

RNS Number : 3028U

Record PLC

23 June 2009

 



23 June 2009

FTSE Group partners with Record plc to create new Currency Index Series

Hong Kong, London and New York, 23rd June 2009: FTSE Group ('FTSE'), the award winning global index provider and Record plc ('Record'), the specialist currency investment manager, today announce the signing of a co-operation agreement for the creation of a new range of innovative currency Forward Rate Bias (FRB) indices. The indices will aim to provide investors with a passively managed and transparent benchmark for currency FRB returns, used for portfolio construction, index-tracking and benchmarking.

Mike Bruno, Head of Fixed Income at FTSE Group, said of the initiative, 'This new co-operation combines FTSE's global brand equity, track record in strategic partnerships and renowned indexing expertise with Record's comprehensive knowledge of currency investment management. In the current market, investors are increasingly seeking transparency and diversified portfolios and investors can continue to depend on FTSE for leading and innovative investment tools.' 

Neil Record, Chairman and CEO of Record, said 'We are delighted to be working with FTSE on this important development in currency investment management. Our experience in managing enhanced and risk-controlled FRB investment strategies, allied with our extensive research and analysis, has convinced us that the currency forward rate bias is a fundamental and sustainable return stream. We believe this is the beginning of a transition from an 'alpha' to 'beta'. We look forward to working further with FTSE to develop these currency indices, and with investors around the world to develop new currency investment management products.'

FTSE and Record are currently working together on developing the currency indices with the launch being announced soon. More information about FTSE and its global offering can be found at www.ftse.com and about Record at www.recordcm.co.uk

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Additional information:

For more information please contact:

FTSE Group

New York

Jill Mathers, Tel: + 1 212 641 6166 or email [e-mail] 

London 

Sabrina Bhangoo/ Mittal Dave Tel: + 44 207 866 1821 or email [e-mail]  

Hong Kong

Meredith Blakemore/ Emily Mok, Tel: [phone]  or email [e-mail] 

Record plc     

Neil Record / Carl Beckley / James Wood-Collins: Tel [phone]

Hogarth Partnership: Nick Denton / Julian Walker Tel [phone]

Notes to Editors

About FTSE Group

FTSE Group ('FTSE') is a world-leader in the creation and management of indexes. With offices in Boston, Beijing, London, Frankfurt, Hong Kong, Madrid, New York, Paris, San Francisco, Sydney, Shanghai and Tokyo, FTSE works with investors in 77 countries globally. It calculates and manages a comprehensive range of equity, fixed income, real estate and investment strategy indices, on both a standard and custom basis. The company has collaborative arrangements with a number of stock exchanges, trade bodies and asset class specialists around the world. 

FTSE indexes are used extensively by investors world-wide for investment analysis, performance measurement, asset allocation, portfolio hedging and for creating a wide range of index tracking funds.

About Record plc

Record plc (including its subsidiaries, 'Record') is a specialist currency investment manager and provider of currency hedging services for institutional clients. Founded in 1983, Record has established a market leading position as a currency asset manager. Specifically, Record has a leading position in managing currency for Absolute Return for institutional clients.

Record has three principal product lines:

- currency for Absolute Return, in which Record enters into currency contracts for clients with the objective of generating positive returns;

- active 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; and

- passive hedging, where Record seeks to eliminate fully the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies.

Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.

This announcement includes information with respect to Record's financial condition, its results of operations and business, strategy, plans and objectives. All statements in this document, other than statements of historical fact, including words such as 'anticipates', 'expects', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'may', 'will', 'continue', 'project' and similar expressions, are forward-looking statements.

These forward-looking statements are not guarantees of Record's future performance and are subject to risks, uncertainties and assumptions that could cause the actual future results, performance or achievements of Record to differ materially from those expressed in or implied by such forward-looking statements.

The forward-looking statements contained in this document are based on numerous assumptions regarding Record's present and future business and strategy and speak only as at the date of this announcement.

Record expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement whether as a result of new information, future events or otherwise.

 

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