Sterling devaluation causes Record losses
WINDSOR - The sharp devaluation in sterling has claimed victims among currency managers, with Record Currency Management attributing 36% of its third-quarter losses to the weakening unit.
The Windsor, UK-based currency manager reported last Tuesday (January 20) that its assets dropped by $12.2 billion to reach $35.6 billion on December 31, signifying a 25% drop in its assets under management (AUM). Approximately $4.4 billion of the losses came from the drop in value of sterling against the US
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