Record PLC (LON:REC) said it grew its currency assets to record levels in the past quarter, including into higher-margin products.
Net inflows of US$5.1bn in the three months to the end of December 2020 helped lift assets under management equivalents (AUME) at the currency manager by 13% to US$74.6bn.
“These strong inflows have also increased AUME in our higher-margin products helping to diversify revenues across our existing product range and leading to an aggregate AUME exceeding $70bn for the first time in our 37 year history,” proclaimed chief executive Leslie Hill in a statement.
As well as this historical milestone Hill also hailed the diversification of AUME inflows in the quarter, including $4.7bn and $1.2bn into the group’s higher-margin Dynamic Hedging into Multi-Product strategies.
Management fee rates remained broadly unchanged during the quarter.
"We continue to make good progress on developing our market-first Currency Impact/ESG bond offering, which we expect to launch before the end of the financial year and to deliver further diversification to our future revenue streams,” Hill said.
She added that management are focused on maintaining momentum and achieving the efficiencies and scalability through ongoing investment in technology, which he said should begin to be seen over the final quarter, and more fully early into the next financial year.