Good morning,It’s Paul’s day off today, so I’m planning to cover 3-4 of today’s stories in his absence. First up is Record (LON:REC):Record (LON:REC)Share price: 42.375pNo. shares: 221.4mMarket cap: £94mFourth Quarter Trading UpdateThis is an unusual type of asset manager, as it is focused on currencies rather than equity/fixed income.One might ask: when clients want hedging or currency-derived returns, shouldn’t banks be the go-to provider? How can a smaller institution compete with them?On the hedging side, it doesn’t surprise me that there is space for a smaller, independent player. After all, there are plenty of currency brokers dealing with the retail market, providing individuals with advice and better rates on their FX needs when they expatriate/repatriate, buy foreign property, etc. Think of Record as a large, institutional version of this!And on the currency-derived return side, Record acts similarly to any other independent asset manager or hedge fund.So, in principle, I’m very comfortable with the idea that there is space for an independent currency specialist, focusing on institutional clients.The track record of profitability isn’t bad either: profits were reset lower during…
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