Record PLC (LON:REC) has highlighted “favourable underlying market movements” in the first quarter of its current year following a “challenging preceding quarter” impacted by the coronavirus.
For the three months to June 30, the specialist currency manager reported assets under management equivalents (AUME) of US$63.3bn, up 8% year-on-year, while management fees had remained broadly unchanged notwithstanding fee pressure linked to passive hedging.
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The company also said it had appointed a third party distributor in the quarter to expand its US distribution capability, while post-quarter it has launched its dynamic macro strategy with plans to advance more products.
"One of our strategic priorities for the current financial year is to enhance the capabilities of our marketing infrastructure to facilitate our accelerated growth plans…While competition and fee pressure linked to our Passive Hedging products persists, we continue to respond by enhancing our products and service offerings”, said chief executive Leslie Hill.
“We have diversified our product range with the launch of a new multi-asset offering, Dynamic Macro Strategy and have made good progress in developing our market-first, innovative Impact/ESG bond offering, although the ultimate timing of any potential launch remains uncertain. Record continues to illustrate its resilience and to operate effectively through the crisis, maintaining the strong relationships with its high quality, institutional clients by providing the highest levels of service and communication”, the CEO added.
Record’s shares were 0.4% lower at 35.7p in early deals on Friday.