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Record Q2 AUME drops on FX headwinds
(Sharecast News) - Currency and asset manager Record reported a drop in second-quarter assets under management equivalent on Thursday. Record said AUME came to $84.5bn as of 30 September, down from $86.4bn at the end of June, principally due to FX movements and mandate volatility targeting, as well as movements in global stock and other markets. However, when expressed in sterling, AUME totalled £69.2bn, up from £68.0bn at the end of the previous quarter.
Average fee rates remained broadly unchanged from the previous quarter, with performance fees totalling £1.0m and net inflows hitting £1.5bn.
Chief executive Leslie Hill said: "In our currency hedging business, our focus continues to be on providing the highest levels of service and proactivity to our clients to reinforce both the longstanding relationships built over many years and the trust they continue to place in Record as their solutions-led currency hedging manager.
"Our plans for diversification through our asset management and digital asset businesses continue to progress well, albeit in places more gradually than initially envisaged, and I look forward to giving more detail on our strategic progress at our forthcoming half-year results in November."
As of 0820 BST, Record shares were down 2.42% at 71.24p.
Reporting by Iain Gilbert at Sharecast.com
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