Record Assets Under Management Equivalent Up In Dollar Terms

LONDON (Alliance News) - Currency manager Record PLC Friday said assets under management equivalents totaled USD37.7 billion at the end of September, up from USD36.3 billion three months earlier.

In sterling terms, the figure was GBP23.3 billion, down slightly from GBP23.9 billion at the end of June.

It added one client, bringing the total to 46.

"We continue to engage with prospective clients and investment consultants in North America and Europe, receiving interest across our product range, and participating in procurement processes. We are hopeful that continued progress in securing new mandates can be made in the current financial year," Chief Executive James Wood-Collins said in a statement.

It said the biggest contribution to the increase in assets under management equivalent was a USD1.5 billion rise due to the impact of the weakening US Dollar on the conversion of non-US Dollar mandate sizes into US Dollar AUME.

Record shares were down 5% at 33.03 pence Friday morning.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

Copyright 2013 Alliance News Limited. All Rights Reserved.

Record