Record Regulatory News (REC)

29 Sep 2009 14:38



29 September 2009 

Record plc ('Record' or the 'Company')

Board Changes

David Morrison and Jeremy Palmer appointed as Non-Executive Directors

Record, the specialist currency investment manager, today announces the appointment of David Morrison and Jeremy Palmer as Non-executive Directors with effect from 1 October 2009. 

David Morrison is Founder and Chief Executive of Prospect Investment Management, a venture capital advisory firm established in 1999, which acts on behalf of a small group of investors. He has spent most of his working career in the venture capital world, having started with 3i plc, which was followed by 13 years with Abingworth Management Limited. He has previously been a director of Bluetooth Holdings plc, Deutsche Equity Income Trust plc,  GW Pharmaceuticals plc and Venture Production plc and is currently on the Board of PayPoint plc and several private companies with which Prospect is associated. David served as a Non-Executive Director of N P Record plc between 1987 and 1996. 

Jeremy Palmer has worked in financial services for over 25 years, holding senior management positions in private banking and investment banking in both Asia and Europe. He has worked for Salomon Brothers, JP Morgan, Barings, and UBS. His last position at UBS was CEO, UBS Investment Bank, Europe, Middle East and Africa. He left the City at the end of 2008 and is now a partner in an investment firm. He serves on the board of several schools and other charities.

Neil Record, Chairman and Chief Executive of Record, commented: "David brings particular expertise in the management of generational change in growing businesses, and Jeremy has wide experience in the banking and wealth management worlds. Both will bring valuable experience and good judgement to our business. I am delighted to welcome them to the Board, and I very much look forward to working with them."

There are no other disclosures required under Listing Rule 9.6.13.

ENDS

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  Notes to Editors

Record plc

Record is a specialist currency investment manager and provider of currency hedging services for institutional clients. Founded in 1983, Record has established a market leading position as a currency asset manager. Specifically, the Group has a leading position in managing currency for Absolute Return for institutional clients.

The Group has three principal product lines:

currency for Absolute Return, in which Record enters into currency contracts for clients with the objective of generating positive returns;

active hedging, where Record seeks to eliminate the impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain; and

passive hedging, where Record seeks to eliminate fully the economic impact of currency movements on elements of clients' investment portfolios that are denominated in foreign currencies.

Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.