17th Jul 2015 06:49
LONDON (Alliance News) - Currency manager Record PLC on Friday said its assets under management equivalents rose in the first quarter of its financial year, with around half the rise coming from currency movements.
Record said it had USD56.6 billion in assets under management equivalents at the end of June, up from USD55.4 billion at the end of March. Around half of this was driven by client flows, but a further USD0.6 billion came from exchange rate movements, particularly movements in the US dollar and in global stock and other markets.
The company said its dynamic hedging programme performed in line with its expectations for US clients in the quarter, and Record said its UK arm also traded in line. Fees for the company were broadly unchanged in the quarter.
"Although the first quarter of this financial year has seen fewer inflows than the last quarter of the prior year, it has been no less busy in terms of both market activity and client and prospective client engagement," said James Wood-Collins, Record's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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