23rd Jul 2021 12:10
Record PLC - currency and derivatives manager - Assets under management equivalents reached USD84.5 billion in its first quarter that ended June 30, up 5.5% from USD80.1 billion in the previous quarter. Says exchange rate movements and mandate volatility targeting positively impacted its assets under management equivalent by USD1.3 billion, while movements in global stocks and other markets contributed a further USD1.3 billion.
Notes net client assets under management equivalent inflows fell to USD1.8 billion in the first quarter, down 63% quarter-on-quarter from USD4.9 billion. Says its currency and passive hedging strategies each contributed USD900 million in net client flows. Client numbers dropped slightly quarter-on-quarter to 87 from 89 due to the closure of two legacy funds.
Launches its Record Emerging Market Sustainable Finance Fund, an exclusive strategic partnership with UBS Global Wealth Management, to deliver "product diversification and higher margins" for the firm. Notes that initial fund investment totals USD800 million.
Chief Executive Leslie Hill says: "The new financial year has started well opening with a high level of [assets under management equivalent] enhanced this quarter by further net inflows and the new fund launch. We will continue to focus on improving both our diversification and profitability, which will be achieved by delivering new and innovative products accompanied by the enhanced efficiency and scalability of our operational systems delivered through our ongoing investment in technology."
Current stock price: 96.00 pence, up 1.1% on Friday
Year-to-date change: up sharply from 48.20p
By Scarlett Butler; [email protected]
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