Record Assets Under Management Equivalents At June 30 $29.5Bn

16th Jul 2010 07:19

LONDON (Dow Jones)--Record PLC (REC.LN), a specialist currency manager, announces Friday that at June 30 the Group's assets under management equivalents, or AuME, totaled $29.5 billion (March 31, 2010: $34.0 billion). MAIN FACTS: -AuME expressed in Sterling as at June 30 totaled GBP19.7 billion (March 31: GBP22.4 billion). -Investment performance in Record's established Currency for Return product was negative during the quarter ending June 30 and for an un-geared portfolio equated to a negative return of -2.22% over the quarter (year to March 31: decrease of 0.73%). -This compares to a negative return in the quarter of -1.35% for the FTSE Currency FRB 5 index (in Sterling). -The divergence of the un-geared portfolio and the index is principally due to the weak performance of the Australian Dollar and New Zealand Dollar in the quarter. -Dynamic Hedging product continues to perform as expected and has continued to generate value for U.S. clients over the quarter. -In the short term, focusing marketing and sales effort on promoting this product in the U.S. and U.K. -Continuing to generate interest in the Dynamic Hedging product and believes that there should be further client additions in the current financial year. -For the Currency for Return product, investment performance in the quarter was negative, particularly in May, leading to an overall return of our Alpha Composite of -2.22%. -As a result of the cumulative performance over the last three years, combined with the performance in May, experiencing a high level of redemptions in the Currency for Return product. -In the short term anticipates that this will continue. -Remains confident in the long-term performance and committed to the long-term investment strategy for this product. -Shares closed Thursday at 50.8 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires July 16, 2010 02:19 ET (06:19 GMT)