Steady performance and growing recognition
First-half results announced on 18 November held no surprises after a detailed Q217 trading update issued in October. While underlying profits were down modestly year-on-year, this reflected lumpy allocations to a tactical mandate in H116. More importantly, assets under management equivalents (AUME) and client numbers increased and the company reports that the recent prominence of currency volatility has helped to increase interest in a range of Record’s products. The current rating of c 12x FY17e earnings appears conservative and the ordinary yield (before any special payment) stands at over 5%.Record is an independent currency manager delivering currency solutions. Co.'s clients are mainly institutions, including pension funds, charities, foundations, endowments, and family offices, as well as other fund managers and corporate clients.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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