17th Oct 2019 09:48
(Alliance News) - Currency manager Record PLC on Thursday reported a 2.7% rise in dollar denominated quarterly assets under management equivalents, with positive movements in global stock markets offsetting negative currency movements and mandate volatility.
Assets under management equivalents at September 30 stood at USD59.9 billion, up from USD58.3 billion at June 30. In sterling terms, managed assets increased 6.1% to GBP48.6 billion from GBP45.8 billion.
Net inflows in the second quarter totalled USD1.7 billion, predominantly attributed to adjustments to existing client mandates.
The Windsor, England-headquartered company said positive movements in global stock and other markets added USD1.3 billion, while exchange rate movements and mandate volatility dented assets by USD1.4 billion.
Record said its fee rates during the second quarter remained broadly unchanged from the first quarter and no performance fees were earned in the quarter.
"Economic, political and market uncertainty continues to prevail. The client engagement opportunities which this creates, in conjunction with our ongoing focus on enhancement and innovation, have contributed to the inflows we have seen during the period," Record Chief Executive James Wood-Collins said.
"We also continue to see an attractive range of further new business opportunities, still balanced against competition and fee pressure. We remain confident of making further progress in the current financial year," Wood-Collins added.
The company ended the second quarter with 70 clients versus 68 clients in first quarter.
Record shares were trading 0.6% lower at 33.70 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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