Record Assets Under Management Fall In Second Quarter

LONDON (Alliance News) - Record PLC, a specialist currency manager, on Friday said its assets under management equivalents fell in the second quarter.

Assets under management equivalents were down to USD53.3 billion at the end of September, from USD56.6 billion at the end of June, on net client outflows of USD1.2 billion and a negative exchange rate hit of USD2.1 billion.

"This quarter continued to demonstrate heightened currency market volatility, and ongoing debate on the prospects for divergent monetary policy. These factors have served to maintain the current high levels of interest shown in currency hedging and return-seeking products by prospective clients, and to reinforce the strength in diversity of our products," Chief Executive James Wood-Collins said in a statement.

"We continue to make progress in engaging with current and potential clients across a broad range of currency issues and geographies and we are hopeful that further progress can be made in the current financial year," Wood-Collins said.

Shares in Record were down 5.8% at 32.25 pence in early trading on Friday morning.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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