13th Mar 2020 11:40
(Alliance News) - Currency manager Record PLC said Friday it has lost USD1 billion in assets under management equivalents due to the recent market volatility caused by Covid-19.
Shares in Record were down 7.1% in London on Friday mid-morning at 29.50 pence each.
Record noted the loss is from a "tactical bespoke mandate", from an existing client, which saw a temporary USD1 billion injection in late December. At the time, Record said the mandate is of a "tactical nature and the increase is expected only to be temporary".
"Fee rates for this mandate are reported under, and generated fees consistent with Record's Multi-Product mandates," Record clarified on Friday.
At September 31, assets under management equivalents stood at USD59.9 billion, compared to USD57.3 billion six months earlier.
Record is expected to publish its fourth quarter trading update on April 17, with its annual results for the year ending March 31 expected on June 19.
Since the week began, the FTSE 100 is down 15%. The blue chip index down 31% so far in 2020.
By Paul McGowan; [email protected]
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