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44.60 0.00 (0.00%)

Bid:

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44.90

Spread: 1.10 (2.511%)

Market Cap: £87.09m

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Record reports lower assets under management amid passive hedging fall

Tue, 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

Comments and questions to newsroom@alliancenews.com