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(Sharecast News) - Shares in Record dipped on Friday after the specialist currency and asset manager said net flows were neutral in the first quarter and gave a cautious outlook.
The company expects to grow revenues by a low single-digit percentage in for the year to 31 March, with earnings per share flat.
However, it said that the current-year outlook "remains highly dependent on the closing of large, complex deals in the pipeline".
Assets under management totalled $107.9bn at the end of the first quarter (30 June), up $7.0bn over the three-month period.
Net flows were neutral during the quarter as strong inflows in core Risk Management products were offset by outflows in Absolute Return as the "previously highlighted wind-down of an FX Alpha mandate, which started in Q4 FY25, was completed", Record said.
Commenting on the first-quarter performance, chief executive Jan Witte said: "We saw strong new investment into core Risk Management products including a further 7.6% uplift in Hedging for Asset Managers and benefited from a positive FX movement. We also generated 0.4 million in performance fees, lower than a very strong first quarter last year, but nevertheless, a good start.
The stock was down 5.1% at 60.20p by 1101 BST.
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