Latest News (2016)


19/05/2016 Reuters: Pound may need intervention after Brexit

FX industry insiders have suggested that the Bank of England may have to act in the currency markets to stabilise the pound sterling if there is a Brexit vote. Market participants are particularly sensitive about event risk since the turbulence markets saw when the SNB removed its cap on the value of the Swiss Franc in January 2015. However, Neil Record believes that the Bank of England should simply leave events to the market. 

19/05/2016 Asset view: Currencies in investment portfolios

In a panel discussion, James Wood-Collins, CEO of Record, and others discuss the increasingly prominent role that currencies play in institutional investors' portfolios. The large US dollar rally over the last two years has focused investors' minds on the need to manage currency risk and members of the panel discuss what we can expect from currency markets in the coming months.

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13/05/2016 Citywire - Currency’s time in the spotlight

With unstable equity markets and low yielding bonds, the alternatives markets is looking increasingly attractive for investors looking for diversified returns. Javier Corominas, Head of Economic Research and FX Strategy at Record, commented that an approach that combines the main factors in FX should benefit investors in the medium term.

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03/04/2016 FT: Are currency wars back?

Investors remain split on whether global central banks are delibrately devaluing their currencies in order to increase their economies' competitiveness. Javier Corominas, Head of Economic Research at Record, suggested that in fact policymakers were peaceful as they are aware of the risks of entering a currency war.

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03/04/2016 FT: Currency markets may hold further surprises

The decision of the SNB to remove its cap on the value of the Swiss Franc last January shocked currency markets; however, financial markets often have short memories and some believe that another Swiss franc shock could be around the corner. James Wood-Collins, CEO of Record, stated that while the risk of another Swiss shock cannot be ignored, it would likely have less impact than in January 2015. 

01/04/2016 IPE: Pension funds are split on factor investing

Some European pension funds are eagerly embracing factor investing while others remain cautious on it. Factor investing allows pension funds to access higher returns by accessing rewarded risks; however, the volatility of short-term returns means that they require prudent risk-management. Jan Witte, Quantitative Research Manager at Record, stated that he expected to see factor investing to become more widely adopted as it becomes more widely and better understood.   

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01/04/2016 Citywire: Currency wars return?

In a recent Citywire discussion about currency, Javier Corominas, Head of Economic Research and FX Strategy at Record, argued that there were no evidence of currency conflict in emerging markets. He went on to add that the case for both currency risk management and currency investment remained as strong as ever. 

24/03/2016 Professional Pensions: Hedging could suffer from incoming derivatives legislation

While current rules exempt pension funds from the posting of variation margin for centrally cleared derivatives, the introduction of bank capital requirements may hinder the banks' ability to accept non-cash for FX hedging programmes. James Wood-Collins, CEO of Record, commented that a double-standard pricing model (for cash and non-cash collateral) and the administrative burden of the new requirements may discourage the prudent activity of currency hedging.

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16/03/2016 eFinancial News: Clients require independence

With the FX markets rocking from recent scandals many asset managers and owners have commented that they are looking for assurance on their transaction costs. James Wood-Collins, CEO of Record, commented that Record was willing to invest in such a service but hadn’t yet found one that met all the requirements.

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16/03/2016 Pensions Age: The challenge ahead

Investment risk is as critical today as ever before, and it is not helped by proposed changes to the legislation and central bank intervention. In the volatile equity markets, equity risk is often priority number one but James Wood-Collins, CEO of Record, counsels that investors shouldn’t ignore currency risk.

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23/02/2016 P&I: Brexit probably weakens UK

The impact of the UK leaving the European Union, so-called Brexit, could have a very serious impact on the markets that is not yet priced in. The general consensus amongst managers, pension funds and consultants is that volatility will be higher and the effect will be negative on sterling, gilts and even UK equities. James Wood Collins, CEO of Record, commented that the firm will avoid rolling clients' hedges during turbulent markets around the time of the referendum.

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28/01/2016 Professional Pensions: Reasons to consider currency

Foreign exchange is increasingly being viewed as a tool to exploit macro-economic trends again as divergent economic growth rates have encouraged currency market activity. What is more, the currency strategies have evolved from the carry trade, which dominated the market before 2008, to more factor based investment styles seen in other asset classes. James Wood-Collins, CEO of Record Currency Management, noted that clients were now considering the different factors behind currency returns.

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14/01/2016 P&I: Pension funds in Asia take a stance on FX

After a couple of years of strong US dollar performance, Asian pension funds are considering their currency hedging options. The world’s largest pension fund in Tokyo commented that it was willing to hedge its 35% foreign exposure should the yen make a comeback against the US dollar, while Korea’s National Pension Service is considering using a dynamic currency overlay on its 24% international exposure. James Wood-Collins, CEO of Record, commented that the firm is growing an Australasian client base with a local agent and seeing increased interest from entities east Asia.

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