Record updates figures
Record, the currency manager that floated on the London Stock Exchange at 160p at the end of November, released its first interim management statement since its listing this week. Among the highlights was news that it had expanded its number of clients to 127 from 115 at the end of September.
The company says that it faced a challenging final quarter, “as currency markets continued not to exhibit the patterns of behaviour on which Record’s systematic strategies are based. However, this outcome is not unexpected, has occurred before, and Record’s directors continue to have confidence in the investment process.” The upshot was, though, that Record does not expect to earn significant performance fees over the period. At the time of writing, Record’s shares were trading around 140p.
November 30, 2007