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(Sharecast News) - Currency and asset manager Record said on Friday that assets under management rose to a new high of $115.9bn in the third quarter, supported by positive net flows and growth in underlying assets but partly offset by FX movements.
Performance fees for the period totalled 1.6m, up from 1.3m a year earlier, taking yeartodate performance fees to 2.4m compared with 2.9m at the same point last year.
Record also said average fee rates were broadly unchanged from the previous quarter, leading the group to reiterate its fullyear earnings expectations.
Chief executive Jan Witte said: "At $115.9bn, AUM ended another quarter at the highest level we have ever reported, following positive net flows and underlying asset growth. We saw strong inflows and growth in underlying assets for Passive Hedging, and a second successive period of inflows for FX Alpha. It was also an excellent quarter for performance fees, with a further 1.6m earned, bringing total performance fees for the year to date to 2.4m."
As of 0810 GMT, Record shares were up 3.04% at 55.64p.
Reporting by Iain Gilbert at Sharecast.com
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