17th Jul 2020 11:06
(Alliance News) - Record PLC on Friday reported growth in assets under management equivalents and good investment performance from most of its strategies in its first-quarter.
The Berkshire, England-based specialist currency manager said its assets under management equivalents grew by 8% in the quarter ended June 30 to USD63.3 billion from USD58.6 billion at March 31.
Record Chief Executive Leslie Hill said: "Record's AUME increased by 8% in the quarter, including favourable underlying market movements of USD3.6 billion."
Net client fund flows were down USD500 million after increasing USD100 million in the previous quarter to March 31.
Record's dynamic macro currency strategy saw a negative performance with a loss of 3.4% in value. The strategy uses a mix of both discretionary and systematic investment allocations and was the only strategy to see a loss in value.
The company's emerging market product investment saw a positive quarterly return of 3.7%.
Record's investment performance in the multi-strategy product, comprising of the FTSE currency FRB10, emerging market, value, momentum and range trading strategies, was positive with a return of 0.4%, compared to last quarter's negative return of 5.6%.
Despite fee pressure linked to passive hedging, its management fee rates stayed mostly unchanged.
"While competition and fee pressure linked to our passive hedging products persists, we continue to respond by enhancing our products and service offerings," Hill said.
Record will announce its second quarter trading update on October 19.
Shares in the company were down 0.3% at 35.71 pence on Friday morning in London.
By Greg Roxburgh; [email protected]
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