22nd Jul 2022 10:01
(Alliance News) - Record PLC on Friday said that assets under management fell during the first quarter of its financial year, as economic and political pressures hit investment valuations.
The Windsor, England-based currency and derivatives manager reported that its AUM sank 6.3% to USD77.9 billion, compared to USD83.1 billion at the end of March.
However, AUM net inflows more than doubled to USD2.0 billion during the quarter, up from USD800 million in the previous quarter. It also recorded performance fees of USD2.3 million.
Record was awarded a "new and significant" Passive Hedging mandate, which is expected to build up to USD8.0 billion by the end of its financial year. AUM of its Passive Hedging product were particularly hit during the quarter, falling 7.3% to USD58.2 billion from USD62.8 million at March 31.
Chief Executive Officer Leslie Hill said "As expected, uncertainty in financial markets linked to both economic and heightened political pressures has continued to have an impact on the value of some clients' underlying portfolios."
Shares in Record were up 0.4% to 70.70 pence each in London on Friday morning.
By Sophie Rose; [email protected]
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