Edison Investment Research - Record (REC) Update: FY14 strong volumes at lower fee margin

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Edison Investment Research

Update: FY14 strong volumes at lower fee margin

Recordâ€™s FY14 results contained few surprises. As had previously been announced, AUME saw rapid growth driven by lower fee margin but stickier passive hedging products. Customer numbers were up in all product areas including increased cross sales. Looking forward, already announced mandate losses and fee reductions in dynamic hedging explain the lower starting point for our forecasts. These estimates do not incorporate significant mandate wins (or losses) but with renewed interest in return-seeking strategies and greater variance in global monetary policy there are grounds for optimism here.

24/06/2014 6 EN

Underlying

Record

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.

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GB00B28ZPS36 London Stock Exchange United Kingdom

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Edison Investment Research

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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Update: FY14 strong volumes at lower fee margin

Record: 1 director

Record - Underlying growth and pipeline are attractive

Record - Core inflows solid but delays in new product line

AGBA - A transformational deal

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

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