Record Plc Jumps to 18-Month High After Currency Assets Increase
Record Plc (REC) jumped to an 18-month high after the U.K.-based currency manager said its assets under management increased by 4.6 percent last quarter.
The funds climbed to an equivalent $34 billion at the end of 2012, from $32.5 billion on Sept. 30, boosted by increases in existing mandates, Windsor, England-based Record said in a statement today. The firm’s so-called passive hedging business, which helps investors protect against currency risk on their overseas portfolios, saw the biggest increase, it said. The number of clients rose to 45 at Dec. 31 from 43.
“We are participating in a number of formal procurement processes, particularly for passive hedging in Switzerland,” Chief Executive Officer James Wood-Collins said in the statement. “Whilst none of these were finalized in the quarter, we are hopeful that we will be able to be successful in securing additional mandates before the end of the financial year.”
Record, founded in 1983, provides currency-hedging services for institutional clients. The company’s shares jumped 16 percent to 35.25 pence at 3:06 p.m. London time, the highest level since June 21, 2011.
To contact the reporter on this story: Anchalee Worrachate in London at email@example.com