Record hikes AUME to $56.6bn at end-December 2016

20th Jan 2017 15:06

(ShareCast News) - Specialist currency manager Record has hiked its assets under management equivalents (AUME) to $56.6bn at 31 December 2016, from $55.0 three months earlier.Chief executive James Wood-Collins said the US dollar's strength dominated the second half of the fourth quarter, following Donald Trump winning the US presidential election.Trump -- who is inaugurated on Friday -- is seen as holding economic ambitions that are supportive of the greenback."The more divergent paths now appearing between the policies of major central banks was underlined by the Federal Reserve's decision to raise the base rate by 0.25% in December," Wood-Collins said in a statement.This contrasted with European Central Bank's decision in December to extend its quantitative-easing programme. Bank of England cut its benchmark rate in the preceding quarter."The recent referendum result in Italy, plus forthcoming elections in the Netherlands, France and later in 2017 Germany, continue to remind investors of the ongoing event risk in foreign exchange markets," Wood-Collins said.He said that, against this backdrop, it was pleasing to report flows into multi-product and hedging products during the quarter."Such volatility and uncertainty in markets continues to provide opportunities for Record to discuss both its return-seeking and risk-reducing products with current and potential clients."At 15:00 GMT, shares in Record were down 6.25% to 37.5p.