Record confident after strong second quarter

21st Oct 2022 09:48

(Sharecast News) - Specialist currency and asset manager Record reported assets under management equivalent net inflows of $6.6bn in its second quarter on Friday.

The London-listed firm said it earned £0.5m in performance fees during the three months ended 30 September.

It also started its previously-announced passive hedging mandate during the period, after the successful conclusion of final contract negotiations.

"Our growth strategy continues to deliver as evidenced by a third consecutive quarter of AUME net inflows and further performance fees of £0.5m," said chief executive officer Leslie Hill.

"Sustained uncertainty in financial markets continues to have only a limited impact on the value of some clients' underlying portfolios in our traditional business for currency products and services."

Conversely, Hill said heightened volatility and inflationary pressure underscored the "relevance" of Record's products.

"Our focus is on ensuring we make the most of such opportunities and I look forward to giving more detail on the progress in our diversification plans at our forthcoming half-year results in November."

Record said it would announce its half-year results on 29 November, and its third quarter trading update on 26 January.

At 1053 BST, shares in Record were up 6.7% at 75.76p.

Reporting by Josh White at Sharecast.com.