Record PLC shares rose on Friday after it reported yearly growth in assets under management equivalents and positive net inflows.
Shares were up 9.4% at 72.18 pence each on Friday afternoon in London.
The Windsor, England-based currency and derivatives manager said assets under management equivalents increased 3.7% in the year ended March 31 to $83.1 billion.
Record registered positive net inflows of $800 million in its final quarter and net inflows of $2.4 billion for the entire financial year.
The company noted that compared to the third quarter, assets under management equivalents declined 2.6% from $85.3 million as at December 31. It blamed this on market movements over the quarter.
‘As expected, increased uncertainty in financial markets linked predominantly to the war in Ukraine impacted the value of some clients’ underlying portfolios, reflected by a decrease in assets under management equivalents of $2.3 billion from market movements over the quarter,’ Chief Executive Leslie Hill explained.
The company said that it recorded an inflow of $1 billion from an existing Dynamic Hedging client after the year ended. It expects a further $1.0 billion in the first half of financial 2023.
Record said fee rates remained broadly unchanged during the fourth quarter. It expects a slight decrease in the overall average fee rate from Dynamic Hedging going forward, which it attributes to the recent increase in mandate size from the client, mentioned above.
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