18th Jan 2019 08:52
LONDON (Alliance News) - Record PLC on Friday reported 6.5% drop in assets under management equivalents in the third quarter due to termination of a previously announced mandate and movements in global stock markets and currency exchange rates.
Shares in the company were trading 9.0% lower at 28.81 pence each on Friday morning.
The company's assets under management equivalents as at December 31 totalled USD57.8 billion, down from USD61.8 billion on September 30. In sterling terms, assets fell to GBP45.4 billion from GBP47.4 billion.
Record had 65 clients at period end, down 1 from 66 at the start of the period.
The currency manager said of the USD2.5 billion assets in Passive Hedging mandates expected to terminate during the third quarter, one commercial relationship representing two clients and USD1.7 billion assets remained, although it is expected to terminate imminently.
Movements in global equities and other markets dented the company's assets under management equivalents by USD2.0 billion, while currency exchange rate movements and mandate volatility shaved off USD900 million.
Record earned performance fees of GBP1.3 million during the third quarter, all of which related to performance over the six month period to December.
"We continue to see a range of new business opportunities across products and client locations, balanced against competition and fee pressure. With our diversified product suite and our ability to offer tailored solutions, we aim to make further progress in the rest of this financial year and the next," said Chief Executive James Wood-Collins.
Record is scheduled to release its fourth-quarter trading update on April 17.
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