Record updates
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Foreign Exchange

Record updates

Record, the UK-listed specialist currency investment manager, says in its latest quarterly update that its assets under management equivalents now total $56.2 billion. This compares with $55.7 billion at the end of March. Record now has 147 clients; at the end of March it had 141.

Looking ahead, Record says: “While concerns over credit persist in the markets, the unusually high correlation between currency and equity returns experienced during the second half of calendar year 2007 now appears to be returning to low correlation, which has been the long-term norm. Record’s directors are encouraged by these developments and maintain their confidence in the investment process.”

Record maintained its average management fee rates across all of its product categories and says it earned modest fees in the quarter. Commenting on trading, the company’s chairman and chief executive Neil Record says: “During the recent challenging environment we have been supported by the high-quality relationships we have developed with investment consultants and with our clients, which are based on our long-term track record and our commitment to communicate. We will continue to work hard to maintain these relationships and to communicate information on market developments and the implications for absolute-return investment performance.”

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