REC Record Plc

RNS Number:3526L
Record PLC
09 January 2008


                                                                  9 JANUARY 2008
                                   
                                    RECORD PLC

                          INTERIM MANAGEMENT STATEMENT


Record plc ("Record" or the "Company"), the specialist currency investment
manager, is pleased to make its first Interim Management Statement since its
admission to the official list of the Financial Services Authority and to
trading on the London Stock Exchange's main market.


Record announces today that as at 31st December 2007 its assets under management
equivalents ("AuME") totalled $54.8 billion (30th September 2007: $54.7
billion). This comprised $28.7 billion in respect of currency for absolute
return, $4.3 billion in respect of active hedging, $18.5 billion in respect of
passive hedging and $3.3 billion of client cash and futures positions managed by
Record to support currency management activity. Absolute return AuME comprised
$13.3 billion in segregated mandates and $15.3 billion in pooled funds. In
addition to these AuME, Record has since 31st December 2007 agreed and
implemented increases in segregated absolute return mandates with two existing
clients amounting to an additional $1.1 billion of absolute return AuME.


Record's development was strong in the period between 30th September 2007 and
31st December 2007, with continued growth in client numbers. Net client inflows
in the three months to 31st December 2007 by product were as follows:


($ million)                Net AuME inflows (three months to 31st December 2007)

Absolute return - segregated mandates                                        744
Absolute return - pooled funds                                             1,571
Active hedging                                                                83
Passive hedging                                                            (321)
Client cash and futures positions                                            245


Record had 127 clients as at 31st December 2007, compared to 115 at 30th
September 2007. Two of the new clients since 30th September 2007 are based in
North America.


Notwithstanding the growth in client numbers and the net AuME inflows set out
above, AuME in US dollar terms has remained broadly constant from 30th September
to 31st December. The offsetting amount is substantially a result of the
investment performance of the Company's currency for absolute return product,
which is compounded into the AuME in its pooled funds, but other contributing
factors were (i) changes in exchange rates over the period, which affect the
conversion of non-US dollar mandate sizes into US dollar AuME; and (ii) changes
in stock market levels, on which many of the sizes of the Company's mandates are
based.


Investment performance in the three months to 31st December 2007 was
challenging, 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. Record is not contemplating any
changes to the investment process, and the Company continues to keep its clients
and their investment consultants closely informed.


Given investment performance in the three months to 31st December 2007, Record
does not expect to earn significant performance fees in respect of this period.


Record continues to have a strong pipeline of new clients for its absolute
return products, with confirmation from a number of potential clients that they
have selected Record for currency management mandates, and are now engaged in
the documentation process, with an expectation that these mandates will be
initiated before 31st March 2008. These clients and AuME are not included in the
AuME and net inflows figures above.


Record expects to announce its preliminary results for the year to 31st March
2008 in June.

For further information, please contact:

Record plc                                             Tel: +44 (0) 1753 852 222
Peter Wakefield
Mike Timmins

Hogarth                                                Tel: +44 (0) 20 7357 9477
Nick Denton
Julian Walker



This announcement includes information with respect to Record's financial
condition, its results of operations and business, strategy, plans and
objectives. All statements in this document, other than statements of historical
fact, including words such as "anticipates", "expects", "intends", "plans",
"believes", "seeks", "estimates", "may", "will", "continue", "project" and
similar expressions, are forward-looking statements.


These forward-looking statements are not guarantees of the Company's future
performance and are subject to risks, uncertainties and assumptions that could
cause the actual future results, performance or achievements of the Company to
differ materially from those expressed in or implied by such forward-looking
statements.


The forward-looking statements contained in this document are based on numerous
assumptions regarding Record's present and future business and strategy and
speak only as at the date of this announcement.


The Company expressly disclaims any obligation or undertaking to disseminate any
updates or revisions to any forward-looking statements contained in this
announcement whether as a result of new information, future events or otherwise.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

EN
IMSUUUAUGUPRGMR

Record (LSE:REC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Record (LSE:REC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024