Currency manager, Record, has agreed to a cut in its management fees for its largest client, Reuters reports. The agreement will lead to a reduction in Record’s fees by about £3.2 million a year and its pretax profit by around £2 million. Record runs a $6.1 billion currency hedging strategy for the unidentified client, which is raising the size of its mandate to cover a wider range of currencies and asset classes. The client contributes about 35% to the firm’s revenue.
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