Neil Record
| Neil Record | |
|---|---|
| Born |
Neil Peter Record 26 June 1953 Oxford |
| Education | Magdalen College School, Balliol College Oxford, Essex University, University College London |
| Occupation | Chairman, Record Currency Management |
| Years active | 1977-present |
Neil Record (born 26 June 1953) is a British businessman, author and economist who founded Record Currency Management, one of the earliest specialist currency managers. Record was one of the pioneers of currency risk management. In 2003 he wrote Currency Overlay, the first textbook on the subject. He was a short listed entrant for the 2012 Wolfson Economics Prize for his work on the Eurozone crisis.
Neil Record attended Magdalen College School in Oxford on a state scholarship. He studied Philosophy and Psychology at Balliol College Oxford and spent time at Essex University and University College London, from where he received an MSc in economics, with distinction.
Record began his career in 1977 at the Bank of England’s Economic Intelligence Department, where he worked as an economist. Following this he joined Mars Corporation where he worked as a commodities analyst and later as a buyer of soft commodities. At the time Mars was experiencing high volatility in its commodities prices due to the very volatile forex markets that resulted from the collapse of the Bretton Woods Agreement. This made the price of certain products, especially cocoa, unpredictable.
As a solution Record developed a technique that replicated the effect of buying currency options, even though a market for such products did not exist at the time, allowing Mars to achieve longer coverage against currency risk without losing competitiveness.
In 1983, convinced there might be a broad market for these ideas, Record left Mars to found a business that under his own name would offer his currency management techniques to international clients, Record Treasury Management, which was soon renamed Record Currency Management. In April 1985 the company was awarded the world's first institutional currency overlay from UK Water Authorities Superannuation Fund. By 1988 the company was the largest independent currency manager in the world with around US$3 billion under management.
The company continued to grow rapidly through the 1980s and 1990s. Its systematic approach proved successful and in 2007 the company was floated on the with a market cap of £354 million.
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