Good morning!
Graham here.
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Best wishes,
Graham

Record (LON:REC)
Share price: 45p (-5%)No. of shares: 199.1 millionMarket cap: £90 millionSecond Quarter Trading Update
This is a currency asset manager which I last covered in April.
AUME (assets under management equivalent) started the year at $56.6 million, and are now at $61.2 million, after another quarterly increase.

As you can see, the vast majority of the AUM is in hedging products. This is either a cheap passive hedge or in a momentum-oriented “dynamic” hedge which tries to maximise the client’s exposure to currencies which are strengthening.
Despite the increased size of the business, the flows were disappointing. There was a net withdrawal by clients of $1 billion, offset by market/exchange rate…

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