Record

What Record does

Record Financial Group is a specialist, London-headquartered asset manager founded in 1983 by Neil Record and listed on the premium segment of the London Stock Exchange since 2007 under the ticker REC. The firm manages $114.6bn in assets under management as at 31 March 2026 across three pillars: Risk Management (Passive Hedging and Dynamic Hedging, $92.8bn AUM), Absolute Return (FX Alpha and Protected Equities, $3.7bn AUM), and Private Markets (Solutions for Asset Managers, EM Local Debt, Infrastructure Equity, and Diversified GP Stakes, $18.1bn AUM). It serves exclusively large institutional investors — pension funds, insurance companies, sovereign wealth funds, and asset managers — delivering bespoke currency and alternative investment mandates through 103 employees in four offices (London, Hamburg, Zürich, Hong Kong).

The underlying technology is a currency and alternative-asset management platform built around proprietary systematic FX signal generation, agency-only execution with 25+ bank ISDA counterparties enabling uncollateralised trading, and bespoke mandate structuring. Record operates agency-only, never taking the other side of client trades, and holds multi-jurisdictional regulatory authorisations (FCA, SEC, CFTC, BaFin, ASIC, Canadian provincial commissions) plus SFDR Article 8 classification for its EM Sustainable Finance strategy.

The business model is a classic institutional asset management fee structure. Revenue of £40.1m in FY2026 (year ended 31 March 2026) comprises recurring AUM-based management fees supplemented by performance fees that deliver higher-margin earnings on outperformance. The firm reported a 25% operating margin, 3.92p EPS, and a 3.60p total dividend in FY2026. Customer acquisition is via direct enterprise field sales with bespoke fee negotiation, supplemented by content marketing through market insights, video content, LinkedIn thought leadership, and industry events. Long-tenured relationships (32% over 5 years) and sub-brands (Record Asia for Asia-Pacific, Record Amanah for Sharia-compliant private markets) indicate disciplined, multi-channel institutional distribution rather than high-volume marketing.

Name

Record

Legal name

Record plc

Website

https://recordfg.com

Company type

Public

Founded year

1983

Operating status

Operating

Headcount range

51–100 employees

Short description

Record Financial Group is a London-headquartered specialist asset manager founded in 1983 and listed on the LSE, managing $114.6bn for large institutional investors across currency risk management, absolute return, and private markets strategies via four global offices.

Ownership category

akta.pro rank

Product category

Institutional Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Managed Account Platforms (Separately Managed Accounts / Customized Portfolios) (FSAHAKAC)

akta.pro secondary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Currency management
• Institutional asset management
• Currency hedging solutions
• Alternative investment management
• Private markets investments

Headquarters

HQ city

Windsor

HQ country

United Kingdom

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: Management fees based on assets under management (AUM). The firm manages $114.6bn in assets generating fees across Risk Management ($92.8bn AUM), Absolute Return ($3.7bn AUM), and Private Markets ($18.1bn AUM) divisions.
2. Performance Fees: Fees from delivering returns above benchmarks, contributing to quality of earnings through higher margin, longer lock-up periods and scalability.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Record Financial Group is a specialist asset manager delivering currency management and alternative investment solutions to large institutional investors globally. The firm operates three core pillars: Risk Management (Passive Hedging and Dynamic Hedging for international asset portfolios), Absolute Return (FX Alpha systematic strategies and Protected Equities), and Private Markets (Solutions for Asset Managers, EM Local Debt, Infrastructure Equity, and Diversified GP Stakes). As of March 2026, the firm manages $114.6bn in assets under management.

Product overview

Record Financial Group is a specialist asset manager delivering best-in-class solutions to large institutional investors globally. The company offers a comprehensive multi-asset management platform organized into three core pillars: Risk Management (Passive Hedging and Dynamic Hedging), Absolute Return (FX Alpha and Protected Equities), and Private Markets (Solutions for Asset Managers, EM Local Debt, Infrastructure Equity, and Diversified GP Stakes). The Group also operates regional platforms including Record Asia (Hong Kong) for Asia-Pacific clients and Record Amanah (Sharia-compliant platform) for Islamic finance investors. The firm is regulated by the FCA, SEC, CFTC, and BaFin, managing $114.6 billion in assets under management as of March 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Record Amanah: Sharia-compliant investment platform of Record Asset Management, focused on private markets. Developed in collaboration with Khalij Group for institutional investors seeking disciplined, long-term capital deployment within a Sharia-compliant framework.
• Record Asia

Products and services

• Passive Hedging Removes all or part of unrewarded currency exposure from international asset portfolios, managing operational risks while minimizing implementation costs. Targeted at large institutional investors seeking cost-effective currency risk management.
• Dynamic Hedging Actively manages currency exposures embedded within client portfolios, seeking to minimize cash flow requirements and add value over full currency cycles with an asymmetric return profile. Targeted at large institutional investors seeking active currency risk management.
• FX Alpha Combines multiple systematic return drivers into a balanced portfolio targeting consistent returns across developed and emerging markets through fundamental and quantitative signals. Targeted at institutional investors seeking uncorrelated absolute returns.
• Protected Equities Targets long-term capital appreciation by investing in listed companies with favorable characteristics while maintaining continuous protection to mitigate steep intermediate drawdowns. Targeted at institutional investors seeking equity exposure with downside protection.
• Solutions for Asset Managers Bespoke currency hedging solutions tailored for asset managers across private markets asset classes, focusing on liquidity optimization and granular reporting. Targeted at private markets asset managers requiring fund-level and asset-level currency hedging.
• EM Local Debt (EM Sustainable Finance Strategy) Offers higher yield and return opportunities relative to traditional EM Debt products while mobilizing private capital for Emerging Market development. Classified as an Article 8 strategy under SFDR. Targeted at institutional investors seeking emerging market debt exposure with sustainability characteristics.
• Infrastructure Equity

Quantifiable outcome

• Assets under management crossed $100bn milestone in 2024
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Khalij GroupcoreStrategic or Co-development PartnerLondon-based FCA regulated advisory firm specialising in Sharia-compliant structuring and governance. Partnership for Record Amanah, the Sharia-compliant investment platform of Record Asset Management focused on private markets. Khalij extends institutional investment practice into Sharia-compliant private markets.
• Panmure LiberumminorOthersCorporate brokers providing corporate broking and advisory services to Record Financial Group
• MUFG Corporate MarketsminorOthersRegistrar services for shareholder management, based in Leeds

Scale indicators12 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• BlackRock: World's largest asset manager offering currency hedging across its ETF, fixed income and multi-asset portfolios. Comparable as a broad incumbent providing similar currency overlay capabilities at significantly greater scale and bundled into larger institutional mandates.
• State Street Global Advisors: Large asset manager providing currency hedging across its SPDR ETF range and institutional fixed income products. Comparable broad incumbent in institutional currency risk management with passive and ETF-led delivery model that overlaps with Record's Passive Hedging offering.
• PIMCO: Major global fixed income and currency manager with significant FX expertise and emerging market debt capabilities. Comparable broad incumbent serving similar pension, sovereign, and insurance institutional clients as Record.

Direct peers

• Lazard Asset Management: Global multi-asset manager offering currency overlay, discretionary and bespoke risk management solutions to institutional clients. Directly comparable to Record's currency hedging and Private Markets capabilities on a bespoke mandate basis.
• Man Group (Man AHL): Public UK-listed alternative asset manager whose AHL division runs systematic FX and managed futures strategies, and whose FRM division runs fund-of-funds. Directly comparable to Record's FX Alpha systematic offering and broader multi-asset institutional franchise, with significantly greater scale and product breadth.
• Aspect Capital: London-based specialist CTA and systematic FX manager offering managed accounts and institutional mandates. Directly comparable to Record's FX Alpha and Dynamic Hedging capabilities, with overlapping delivery model and institutional client focus.
• Parametric Portfolio Associates (Morgan Stanley Investment Management): Direct indexing and customized portfolio firm with institutional currency overlay capabilities for pension, endowment and sovereign clients. Directly comparable to Record's bespoke, customized currency hedging and custom portfolio solutions delivered to large institutional investors.
• Russell Investments: Multi-asset manager-of-managers offering currency overlay as part of its OCIO and multi-asset portfolio solutions to institutional investors. Comparable to Record's bespoke currency management and Private Markets offerings given similar client profile and customized solutions delivery.
• Mesirow Financial (Currency Management): US-based specialist currency overlay manager serving institutional clients with passive and dynamic hedging mandates. One of the closest direct comparables to Record's Risk Management pillar (Passive and Dynamic Hedging), serving a similar large-institutional buyer base with bespoke solutions.

Others

• Northern Trust: Custodian bank offering currency hedging and overlay services as part of its broader asset servicing and investment management offering. Adjacent provider to Record's institutional client base, comparable on currency execution and overlay services delivered to a similar buyer profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/record-currency-management

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Record