24th Jan 2025 16:58
(Alliance News) - Record PLC on Friday reported fee growth in its third quarter as it received a boost from currency volatility.
The Windsor, England-based specialist currency and asset manager said it expects revenue for its full-year to be slightly ahead of expectations as the firm benefitted from greater currency movements in its third quarter.
Record did not declare its anticipated revenue figure.
It generated an additional GBP1.3 million in performance fees in the three months to December 31, bringing its year-to-date total to GBP2.9 million, down on-year by 42% from GBP5.0 million.
Shares in Record closed up 7.8% at 51.20 pence on Friday in London.
Assets under management were down on-quarter by 5.2% to USD106.0 billion from USD100.5 billion, owing to the strengthening of the US dollar against the Swiss franc, the currency in which the majority of its AUM is denominated.
Record Chief Executive Jan Witte said: "This was a good quarter for Record. Commercially, we successfully launched our new Infrastructure Equity Fund and financially we generated an additional GBP1.3m in performance fees as a result of greater currency volatility. Although net flows were neutral, we saw strong inflows to our growing Hedging for Asset Managers offering.
"With management fee expectations for the full year unchanged and with GBP2.9m of performance fees recognised for the nine months ending 31 December 2024, we now expect revenue to be slightly ahead of previous expectations."
By Christopher Ward, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.