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Record PLC on Friday said that assets under management fell during the first quarter of its financial year, as economic and political pressures hit investment valuations.
The Windsor, England-based currency and derivatives manager reported that its AUM sank 6.3% to $77.9 billion, compared to $83.1 billion at the end of March.
However, AUM net inflows more than doubled to $2.0 billion during the quarter, up from $800 million in the previous quarter. It also recorded performance fees of $2.3 million.
Record was awarded a ‘new and significant’ Passive Hedging mandate, which is expected to build up to $8.0 billion by the end of its financial year. AUM of its Passive Hedging product were particularly hit during the quarter, falling 7.3% to $58.2 billion from $62.8 million at March 31.
Chief Executive Officer Leslie Hill said ‘As expected, uncertainty in financial markets linked to both economic and heightened political pressures has continued to have an impact on the value of some clients' underlying portfolios.’
Shares in Record were up 0.4% to 70.70 pence each in London on Friday morning.
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