Diverging monetary policy drives Record’s growth

growthRecord Currency Management, a London fund manager that specialises in currency strategies, says it has seen its second successive year of growth.

The firm reported a 20% increase in assets under management equivalents (AUME) this week, rising to £37.3 billion (€51.7 billion) at March 31. Record reports AUME because it manages the impact of foreign exchange effects on its client assets, rather than the assets. In dollar terms, which AUME is conventionally reported in, growth was 7%.

The firm also saw a 15% increase in clients, to 55 in total, and revenue increased 6% to £21.1 million.

Neil Record, chairman, says foreign exchange markets in the 12 months to March 31 were characterised by continued expectation of monetary policy divergence and the re-emergence of volatility. He says these factors have served to increase the focus amongst the institutional investment community on currency-related issues.

“With divergence in monetary policies and currency market volatility seemingly set to continue, we would expect the increased focus on currency-related issues to be maintained.”

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