Record FGRecord FG

Hedging for Asset Managers

We provide specialist currency management solutions to manage the currency risk in private assets, share classes, feeders, and other funds.


Information as at 29th Dec 2023

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Years’ experience trading in FX markets

assets under management


Annual FX trading volumes



Strong and longstanding relationships with major global counterparty banks

We fully appreciate that currency risk management requirements vary considerably across managers. We pride ourselves on our ability to work in partnership with our clients to offer bespoke solutions catered to their needs


Dr Dmitri Tikhonov, CFA
Chief Investment Officer

How We Add Value For Clients

With over 40 years’ experience in currency hedging, we have proven expertise in creating optimised solutions for Limited and General Partners across the alternative investment space.

Offer unmargined, uncollateralised FX trading lines using our agency ISDAs with 30+ major global banks

Act as your agent, to achieve transparent, low execution costs, in line with our best execution policy

Full outsourcing of operational risk to us across the entire currency management process

Record Services

Fully regulated to advise on and create bespoke hedging solutions, in collaboration with you

Considerations When Choosing A Currency Management Strategy

We tailor our approach to your unique requirements and partner with you to agree the most optimal hedging solution, which is dependent on factors such as:

Fund Asset Class

Different asset classes can benefit from the use of different instruments;

  • FX forward contracts are flexible and well suited to hedging income generating assets.
  • FX options can be more useful in managing currency risk in the acquisitions prevalent in private equity funds.

Fund Structure & Liquidity Profile

Open-ended and closed-ended funds will have different liquidity profiles around which a hedging programme can be built. Drawdown funds, where investor and fund currency differ, can benefit from managing the possibility of FX related liquidity shortfalls when calling upon investors’ committed capital.

Tolerance For FX Related Cashflows

Funds with low levels of liquidity may benefit from specialised instruments with incorporated credit, which can provide protection with no upfront or ongoing cash requirements.

Stage of Fund Lifecycle

Different phases of a fund’s life require different hedging considerations. Early phase lock-up periods can create a significantly different liquidity profile to later phases when a fund is mature and liquidating assets.

What We Do

Record Offers a Fully Outsourced Service Throughout the Entire Currency Management Process

  • From negotiating your funds to be added to our agency ISDAs, through to all aspects of settlement, trade execution, transaction cost analysis and regulatory reporting
  • Our clients value our ability to provide a regulated advisory service whilst fully transferring the operational risks and fiduciary duty of currency management to us

Total Alignment With Our Clients’ Interests, Acting As Your Agent

  • We are never the counterparty to your trades and do not benefit from your trading frequency or volume. We receive only a management fee, charged on the notional size of your open FX hedges

Currency Management Solutions Designed To Meet Your Unique Needs

  • Our hedging strategy specialists work closely with you to understand your requirements and construct the most optimal currency management programme
  • Different approaches can be explored at different stages of the fund lifecycle. For example, managing the gradual implementation of currency hedges as commitments are called, through to maintaining protection when the fund is nearing maturity and liquidity could be lower

Committed To Achieving Best Execution On All Trades

  • We focus on negotiating trading arrangements and constructing your optimal bank panel. We regularly monitor counterparty bank credit ratings and assess their quality of execution to ensure the ongoing suitability of your trading arrangements
  • Our strong & longstanding relationships with 30+ global counterparty banks make us confident in our ability to offer some of the most competitive FX execution costs in the industry

Reporting Solutions Tailored To You

  • We report and attribute hedging performance at a granular level, providing insight on the impact that your currency hedging programme has on overall fund performance

For Further Information