Record - AUME at a high, investing in products, services

Record is differentiated from conventional asset managers by its focus on currency markets where it benefits from its independent status and over 30 years of experience. Passive hedging services account for more than half of revenues but its offering is increasingly bespoke. This has pushed costs up but should help secure additional and retain existing mandates. The valuation remains below average in comparison with UK asset managers and the distribution policy is attractive for those seeking income.