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Record is a specialist independent currency manager that provides a number of products and services, including passive and dynamic hedging, and a range of currency for return strategies, including funds and customised segregated accounts.

Investment summary

Record has maintained its commitment to improving service levels and introducing new products to meet client needs. In H120 this included a new strategy within the currency for return area and it is extending its derivative management capabilities to asset classes outside currency. These initiatives may not affect earnings significantly in the near term but are part of a process of innovation and investment that has helped to limit fee margin erosion and provide a stronger base for future client acquisition.

Industry outlook

The increase in AUME is encouraging and a positive driver for fee revenue but we estimate this would be broadly offset for the second half and FY21 if the sterling/dollar rate stayed at its current level. Given the potential for further significant Brexit-related moves in the sterling exchange rate in the near term and the proximity of the H120 results, due 22 November, we will review our estimates at that stage.

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Key management
Neil Record Chairman
James Wood-Collins CEO
Steve Cullen CFO
Bob Noyen Chief Investment Officer