Global index provider FTSE Group has signed a co-operation agreement with Record plc to create a new range of innovative currency Forward Rate Bias (FRB) indices.

The aim of the indices is to provide investors with a passively managed and transparent benchmark for currency FRB returns, used for portfolio construction, index-tracking and benchmarking.

Neil Record, chairman and chief executive of specialist currency investment manager Record, said: "We believe this is the beginning of a transition from an 'alpha' to 'beta'. We look forward to working further with FTSE to develop these currency indices, and with investors around the world to develop new currency investment management products."