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Record Quarterly Assets Decrease Slightly On Passive Line Outflows

Wed, 17th Apr 2019 12:32

LONDON (Alliance News) - Currency manager Record PLC said Wednesday its assets under management equivalents fell slightly in the fourth quarter.

At March 31, Record's assets under management equivalents stood at USD57.3 billion compared to USD57.8 billion at December 31.

Two of the company's reporting lines - Dynamic Hedging and Passive Hedging - contributed to the total fall in assets. Dynamic Hedging assets under management closed the quarter at USD3.1 billion after opening the quarter at USD3.9 billion. Passive Hedging ended at USD48.2 billion from USD48.4 billion.

Record's Currency for Return and Multi-Product lines both increased slightly, ending the quarter at USD2.7 billion and USD3.0 billion, respectively.

In the three months to March 31, Record had USD3.4 billion in net outflows, with USD2.3 billion leaving its Passive Hedging lines and USD1.1 billion of outflows from Dynamic Hedging.

Record did post a USD3.0 billion gain in the quarter from positive market movements. Record said: "Substantially all the Passive and Dynamic Hedging, and some of the Multi-Product mandates, are linked to stock and other market levels. Consequently assets under management may be affected by movements in these markets."

"For US Dynamic Hedging clients during the quarter, hedging returns in the programmes varied as the US dollar showed mixed performance against the respective weighted baskets of hedged currencies," added Record. "Investment performance of the FTSE Currency FRB10 index during the three months to March 29 was positive 1.7%."

Chief Executive James Wood-Collins said: "Our ability to add value to client portfolios continues to be demonstrated in different ways, such as the gains generated on a Dynamic Hedging mandate which were realised for the client."

"We continue to engage with existing and potential clients and to enhance our client and service offering. With our diversified product suite and our ability to offer tailored solutions, we aim to make further progress in the current financial year."

Shares in Record were up 4.6% Wednesday at 29.49 pence each.