Record PLC (LON:RECL) reported assets under management equivalent (AUME) at a record level at the end of March reflecting positive market and currency moves in the company’s final quarter. While flows have fluctuated during FY17, the uncertain macro background is contributing to good levels of interest in Record’s currency management products and this should also be supported by a lengthening period of positive performance from the currency for return products.
Q417 trading update
AUME at the end of March stood at $58.2bn, the highest level yet and 10% ahead of the prior year figure or up 26% in sterling terms. In Q4, net flows were a negative $0.5bn including a $0.9bn reduction in allocation by a client operating a specific variable multi-product mandate. The number of clients was lower in the quarter on the termination of six linked accounts but just ahead for the year at 59. Market and currency movements in the quarter both had a positive impact on AUME, more than offsetting the small net outflow. The currency for return strategies extended their period of positive performance with the longest standing multi-strategy mandate recording a gain of 0.64% and an annualised gain of 1.8% since inception (page 3).
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