Remember Record Currency?
The currency speculator that cost Kentucky Retirement Systems more than $100 million in fiscal year 2011? All while charging $7 million in fees?
Looks like everyone else is jumping ship and Record Currency is sinking fast:
Record shutters former flagship fund
Record Currency Management, once one of the loudest advocates for active currency management to institutional investors in the UK, has closed down its main active fund following several years of underperformance.
Recovering some of those millions from placement agents and bad managers should be a top priority.
Unfortunately, we all know KRS isn’t going to sue anybody because that would expose mountains of corruption.