25th Oct 2024 11:54
(Alliance News) - Record PLC on Friday said assets under management grew during the second quarter of its financial year, amid positive foreign exchange movements.
The Windsor, England-based specialist currency and asset manager said assets under management at the end of its second quarter on September 30 were USD106.0 billion, growing 3.2% from USD102.7 billion at the end of its first quarter on June 30.
The company said "positive foreign exchange movements" had offset "modest outflows in dynamic and passive hedging, and the discontinuation of a custom interest rate swap portfolio".
Record's first-half performance fees were GBP1.6 million, up 6.7% from GBP1.5 million in the first half of its 2023 financial year.
Chief Executive Officer Jan Witte said: "The business has again demonstrated the strength of its unique range of currency management products with another quarter of assets under management growth. Performance remains in line with expectations, and I am confident about Record's medium-term growth opportunity."
Record is due to announce its interim results on November 15.
Shares in Record were down 0.6% at 63.00 pence each in London on Friday morning.
By Emily Parsons, Alliance News reporter
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