18th Jul 2023 11:58
(Alliance News) - Record PLC on Tuesday reported lower assets under management amid a contraction in assets in passive hedging.
The currency and derivatives manager said assets under management equivalents fell 1.5% over three months to June 30 to USD86.4 billion from USD87.7 billion at the end of May.
It added that average fees over the period - its first financial quarter - were "broadly unchanged" from the previous quarter.
Passive hedging assets under management declined 3.4% to USD61.6 billion from USD63.8 billion over the three months. Passive hedging aims to neutralise the currency risks of an underlying portfolio.
"Notwithstanding the challenging macro-economic backdrop, we expect the business to achieve a number of important milestones in financial year 2024, and look forward to the rest of the year with optimism," said Chief Executive Leslie Hill.
Record shares were 5.3% lower at 83.34 pence each in London on Tuesday late morning.
By Tom Budszus, Alliance News reporter
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