Update: Steady profits in H115
Underlying profits in H115 were flat compared with H114. Revenue from mandate wins in H214 together with cost savings went some way in offsetting revenue declines from re-pricing Record’s dynamic hedging product and the previously known loss of a large dynamic hedging client on 1 April 2014. Record reports it is experiencing a good level of new business enquiries across all geographies and products. More divergent monetary policy and wider interest rate differentials could produce more currency volatility and demand for its hedging and currency for return strategies. Our estimates do not include new mandate wins (or losses) and would benefit from any conversion of this increased market interest.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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