Record - Potential for further positive surprises
Record faced known headwinds in FY19 from AUME outflows and a change in mix towards mandates with lower management fees but the potential to earn performance fees. In the event the outcome was better than we expected, reflecting slightly higher than anticipated management fees and cost control. Encouragingly, performance fees offset the contraction in management fees. Prospectively, Record continues to focus on client service and product innovation and this, together with the potential for further performance fee earnings, could provide the basis for further positive surprises.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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