Record PLC (LSE:REC), the specialist currency and derivatives manager, saw client numbers grow 2% in the third quarter of 2021 to 89 from 87.
Assets under management equivalents (AUME) as at 30 September 2021 totalled US$84.1bn, little changed from US$84.5bn at the end of June. In sterling terms, AUME rose to GBP62.4bn from GBP61.2bn three months earlier.
Management highlighted growth of US$75mln in the new Record Emerging Markets (EM) Sustainable Fund and net inflows of US$600m in the higher-margin Dynamic Hedging product.
Net inflows totalled US$0.1bn, with inflows into the Dynamic Hedging product offset by outflows from Passive Hedging.
“Our focus continues on the diversification of our products and revenue streams. In this respect, building strategic partnerships remains core to our growth strategy and we are excited to be working in collaboration with a new EU partner to develop an investment product focused on the German institutional market, which we hope to launch by the end of the calendar year. This will add further diversification to our product range and broadens our expertise in financial derivatives outside of pure currency,” Leslie Hill, chief executive officer, said.
“We continue to work hard on implementing our growth and modernisation strategy across our business and, as expected have now started to see the financial impact through both increased revenues and operating margins,” he added.
