Record Reports Rise In Managed Assets Over Third Quarter

Fri, 17th Jan 2020 09:13

(Alliance News) - Record PLC said Friday its asset under management rose over the third quarter of its financial year, on positive net inflows and higher client numbers.

Shares in the Windsor-based currency manager were up 5.6% at 41.20 pence on Friday in London.

Record's assets under management equivalents as at December 31 totalled USD64.8 billion, up 8% from USD59.9 billion at September 30. In sterling terms, assets rose to GBP48.8 billion from GBP48.6 billion over the period.

Record had 73 clients at the end of the quarter, up 3 from 70 at the start of the period.

The group reported net inflows of USD2.5 billion, of which USD1.0 billion represents an increase to a tactical bespoke mandate, meaning the increase will be temporary.

Record earned performance fees of GBP1.8 million during the third quarter, of which GBP1.3 million is related to performance over the six-month period to December, and GBP500,000 over the 12-month period to December.

"In the third quarter we have demonstrated momentum in terms of new business, as illustrated through positive net inflows of USD2.5 billion and continued growth in client numbers for the quarter," said Chief Executive James Wood-Collins.

"Management fee rates held up in spite of continued competition and fee pressure. Our focus remains on building on current business opportunities and on enhancement and innovation of our products and services," Collins added.

Record will publish its fourth quarter trading update on April 17, and its results for the year ending March 31 on June 19.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Record