Record reports 'solid start' to financial year

Specialist currency and asset manager Record reported an increase in assets under management for its first quarter on Friday.

The London-listed firm said that as of 30 June, assets under management were ahead $0.5bn, reaching a total of $102.7bn, up from $102.2bn at the end of the prior quarter.

It said the growth in asset value offset modest outflows experienced during the quarter.

Record also reported earning £1.6m in performance fees over the period.

The average fee rates remained broadly unchanged from the prior quarter, indicating stable revenue generation from the company's asset management services.

“A solid start to the year with another quarter of strong performance fees and stable assets under management as asset growth offset modest outflows,” said chief executive officer Jan Witte.

“I remain confident that the renewed focus we have on a core suite of six product categories, where our offering and value-add is unique, positions us well for medium and long-term growth and we are continuing our work in this respect.”

Record said it would announce its second-quarter trading update on 25 October.

At 1038 BST, shares in Record were up 2.23% at 67.98p.

Reporting by Josh White for Sharecast.com.