Record PLC on Tuesday reported lower assets under management amid a contraction in assets in passive hedging.

The currency and derivatives manager said assets under management equivalents fell 1.5% over three months to June 30 to $86.4 billion from $87.7 billion at the end of May.

It added that average fees over the period - its first financial quarter - were ‘broadly unchanged’ from the previous quarter.

Passive hedging assets under management declined 3.4% to $61.6 billion from $63.8 billion over the three months. Passive hedging aims to neutralise the currency risks of an underlying portfolio.

‘Notwithstanding the challenging macro-economic backdrop, we expect the business to achieve a number of important milestones in financial year 2024, and look forward to the rest of the year with optimism,’ said Chief Executive Leslie Hill.

Record shares were 5.3% lower at 83.34 pence each in London on Tuesday late morning.

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