19th Jul 2019 11:26
(Alliance News) - Currency manager Record PLC said on Friday that its assets under management equivalent rose in the first quarter of its financial year.
The company assets under management equivalent as at June 30 was USD58.3 billion, up from USD57.3 billion at March 31.
Three of its reporting lines, Dynamic Hedging, Passive Hedging and Multi-Product contributed to the rise in assets. Dynamic Hedging closed the quarter at USD3.4 billion assets under management, up from USD3.1 billion in March with Passive Hedging closing at USD48.9 billion up from USD48.2 billion.
Multi Product rose slightly to USD3.1 billion from USD3.0 billion but the Currency For Return line fell to USD2.6 billion from USD2.7 billion.
Aside from its reporting lines, the company said it also gained GBP700.0 million from exchange rates movements during the period.
Chief Executive James Wood-Collins said: "Economic, political and market uncertainty continue to provide opportunities to engage with current and potential clients. The combination of this engagement and our ongoing emphasis on enhancement and innovation means that we are seeing an encouraging range of new business opportunities across products and geographies."
"These will continue to be balanced against competition and fee pressure. Overall we are confident of making further progress in the current financial year."
Shares in the company rose 1.5% at 33.00 pence each in London on Friday morning.
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