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Record PLC on Friday said it is confident in its new generation of senior management in an opportunity rich environment for alternative asset investments. The Windsor-based currency and asset manager reported annual revenue growth, and said assets under management hit a record high. Assets under management jumped 17% on-year to $102.2 billion at the end of March, from $87.7 billion. Annual revenue rose 1.6% to £45.4 million from £44.7 million. However, pretax profit fell 12% to £12.9 million from £14.6 million. ‘The underlying financial performance of the group remains strong, with material growth in AUM, which rose to its highest ever level of $102.2 billion, new fund launches and the repeat of last year’s high level of performance fees of £5.8 million,’ Chief Executive Officer Jan Witte said. Record maintained its final dividend at 2.45p per share, meaning its annual ordinary dividend totalled 4.60p per share, up 2.2% from 4.50p. In addition, it declared a special dividend of 0.60p per share, having ‘reviewed the current level of group capital against its ongoing requirements for regulatory and investment purposes’. It means that the total proposed dividend for the year is 0.4% higher at 5.20p from 5.18p. Looking ahead, Chair David Morrison said: ‘Taking a medium-term view, I am confident that we have a new generation of senior management in place able to take the company forward and that we are operating in political and economic conditions that will provide the company with an opportunity-rich environment both for currency hedging mandates and for alternative asset investments that are not correlated with more conventional asset classes.’ Record shares were 0.5% higher at 65.13 pence each on Friday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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