WINDSOR based currency hedging manager Record yesterday beat analyst forecasts to report $1.2bn (£744m) of net inflows in the second quarter after increasing its managed assets 8.7 per cent to $32.5bn.
The listed company, which trades on the FTSE Fledgling exchange, took its equivalent assets up from $29.9bn at the end of June to $32.5bn at the end of September after winning three new clients.
Markets sent Record’s share price up nearly 30 per cent in trading yesterday on the back of the news.
Shares closed up at 24.50p from 19.70p at the start of the day, after the firm revealed $1.1bn of inflows into its passive strategies and $200m into its absolute return strategy.
Chief executive James Wood-Collins said non-UK business, in Switzerland and the US, was a boon for the firm. “Whilst the UK continues to be a competitive market with lower levels of activity, we continue to see encouraging engagement with prospective clients and investment consultants in North America,” he said.
The firm took its client number to 43, up from 40 at the end of June. The positive flows allowed Record to beat marked to market estimates from analysts at JP Morgan Cazenove, which was forecasting equivalent assets under management of $31.8bn.