Record Currency Management Limited

Item 5. Fees and Compensation
FX Alpha, Passive, Enhanced Passive, Active Hedging, Solutions for Asset Managers and Multi-Asset Risk
Premia fees consist of either a management fee based on the gross value of currency positions managed
or a lower management fee on the same terms with an additional performance fee charged on returns
above an agreed benchmark. There are no standard fees as all exposures have their own unique
characteristics.
Fees may vary according to complexity (non-standard implementation), mandate size, gearing and return
target offered. In addition, clients who have seeded strategies or who have been early participants in
strategies may have received preferable rates.
Record typically invoices clients quarterly in arrears for fees due.
Clients may also be subject to additional fees in relation to services provided by Record but these fees are
not controlled or influenced by Record. Typical types of additional fees that clients may face and consider
are custodian fees and prime broker fees where applicable.
Record has never received any soft commission. Record has third-party introducer arrangements in place
with respect to both clients being introduced to Record as well as Record introducing clients to selected
partners. This is separately disclosed to any impacted client.
Record has a commission structure in place for new segregated mandates where eligible staff may receive
a proportion of management fees which is independent of the Group Profit Share & Share Incentive
Schemes.
Record compensates its affiliate, Record Inc. via a management fee agreement. Record’s US sales
executives receive a salary and participate in group profit share schemes.
Our only income, hard or soft, is either:
•    Currency management activity – only fees Record receive are the fees paid to us by our clients. As a
     result, our execution of client trades is entirely price-driven i.e. to achieve the best possible outcome
     for our clients, with no other criteria (except for any agreed credit criteria) applied.
•    Introducer fees – Record receives a percentage fee for clients introduced to selected partners. This is
     disclosed to any impacted client.

Form ADV Part 2A

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Item 7. Types of Clients
In addition to investment funds, corporations, charitable organizations and pension plans, Record also
works for quasi-governmental organizations, bank, insurance companies and a very small number of
individuals who must be deemed elective professional clients under the FCA rules.
Record imposes a minimum account size because of the necessity of dealing in the interbank foreign
exchange market. The minimum account size varies by strategy and is typically $25 million for passive and
active hedging and segregated FX alpha mandates.

Form ADV Part 2A

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