Record assets under management grow in Q2

Currency and asset manager Record said on Friday that assets under management had grown in the three months ended 30 September.

Record said AUM increased by $3.3bn to $106.0bn, with positive foreign exchange movements offsetting modest outflows in dynamic and passive hedging and the discontinuation of a custom interest rate swap portfolio.

The London-listed group noted that no performance fees crystalised in Q2 but said H1 performance fees of £1.6m were slightly ahead of the prior year's £1.5m result.

Record also said average fee rates remained broadly unchanged in Q2.

Chief executive Jan Witte said: " The business has again demonstrated the strength of its unique range of currency management products with another quarter of AUM growth. Performance remains in line with expectations and I am confident about Record's medium-term growth opportunities."

As of 0845 BST, Record shares were up 0.64% at 63.0p.

Reporting by Iain Gilbert at Sharecast.com