29th Jun 2021 09:08
(Alliance News) - Record PLC on Tuesday said it has entered into the strategic partnership with UBS Group AG's Global Wealth Management for its newly launched Record Emerging Market Sustainable Finance Fund.
Record - the AIM-listed currency & derivatives manager - explained that both companies seek to provide "innovation" in sustainable investments via exposure to emerging market. Record said it expects the partnership to develop new sustainable investment products.
The newly created fund will aim to improve the flow of development finance to emerging markets and to enhance financing projects in illiquid markets. The fund also aims for an "attractive" return, with the additional benefit of daily liquidity. Fund size at launch will be USD750 million.
"The target universe for Record's Emerging Market Sustainable Finance Fund is large; with UBS Global Wealth Management in partnership responding to the anticipated demand for a sustainable currency strategy, we aim to grow and develop this fund further over the coming years," said Record Chief Executive Leslie Hill.
Record shares were trading 2.6% higher in London on Tuesday at 100.50 pence each, while UBS shares were up 1.0% in Zurich at CHF14.37 each.
By Evelina Grecenko; [email protected]
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