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Record assets under management grow in Q2
(Sharecast News) - Currency and asset manager Record said on Friday that assets under management had grown in the three months ended 30 September. Record said AUM increased by $3.3bn to $106.0bn, with positive foreign exchange movements offsetting modest outflows in dynamic and passive hedging and the discontinuation of a custom interest rate swap portfolio.
The London-listed group noted that no performance fees crystalised in Q2 but said H1 performance fees of £1.6m were slightly ahead of the prior year's £1.5m result.
Record also said average fee rates remained broadly unchanged in Q2.
Chief executive Jan Witte said: " The business has again demonstrated the strength of its unique range of currency management products with another quarter of AUM growth. Performance remains in line with expectations and I am confident about Record's medium-term growth opportunities."
As of 0845 BST, Record shares were up 0.64% at 63.0p.
Reporting by Iain Gilbert at Sharecast.com
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