Update: Attractive growth and dividend increased
Record had previously reported FY15 growth in assets under management equivalent (AUME) and client numbers. Full year results show that revenues and profits also grew slightly faster than we had forecast, and the 10% dividend increase was a positive surprise. Backed by a solid base of passive hedging mandates, Record appears well placed to grow its higher-margin dynamic hedging and currency for return products. Increasingly divergent global monetary policies have raised awareness of both FX risks and opportunities among existing and potential clients with continuing high levels of engagement. Although we have not included new inflows in our forecasts, Record is attractively rated compared with other asset managers, offers an attractive yield and is financially strong, with cash and marketable securities around 35% of its market capitalisation.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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