Record on target for FY

Specialist currency manager Record said it expects pre-tax profits for the financial year ended 31 March 2011 to be broadly in line with market expectations.Assets under management as at 31 March 2011 totalled £19.6bn compared to £20.1bn the same time a year earlier."Sterling showed mixed performance during the period and as a result our Dynamic Hedging product, for UK investors, delivered gains in January and February as Sterling strengthened. In March, as a result of Sterling weakness and range trading behaviour, some of the earlier gains were eroded," explained chief executive James Wood-Collins.In dollars AuM totalled $31.4bn for the year, unchanged from the same time last year. Record will announce its financial results for the year ended 31 March 2011 on 14 June 2011 and its first quarter trading update on 15 July 2011. ---CJ Record