Some clients appoint Record to hedge the currency exposure in their underlying asset portfolios. As this involves only forward FX contracts, the physical assets remain with our clients' equity, bond and cash managers. As such, AUM numbers reported in 04.2 to the UNPRI only reflect the assets of clients who appoint Record to implement Currency for Return (CfR) programs. i.e. run investment programs which take on additional currency exposure (or risk) in order to generate a return.
Please note that numbers shown are not indicative of total firm-wide assets as this information has been broken down by product to include individual strategy allocations from our Multi-Product clients (clients running more than one product on the same notional allocation).