LONDON (ShareCast) - (Sharecast News) - Shares in Record came under pressure on Friday, after interim results from the specialist currency and asset manager disappointed.
Assets under management reached a fresh high of $110.3bn as at 30 September, up from $106bn a year previously.

But management fees fell 8% to £17.5m, following the termination of various client mandates last year, while performance fees slumped to £800,000 from £1.6m.

Post-tax profits attributable to shareholders were also lower, falling to £3.7m from £5m.

As at 1145 GMT, the stock had lost 5% at 55.8p.

However, Jan Witte, chief executive, said: "Our business delivered another healthy performance this half.

"AUM ended at the highest level we have ever reported, following positive underlying asset growth and good inflows into our growing solutions for asset managers business.

"The outlook for the current financial year relative to market expectations is highly dependent on timing of closing certain projects.

"But we are in the middle of an important transition to becoming a business with higher margins and long-term recurring revenues, which will deliver sustained growth and increased value."

Record is currently expanding into new areas, to allow it pursue higher-margin products and long-term recurring revenues.

It has already restructured into three core areas: risk management, absolute return, and private markets.

Witte said the transition was now "well underway".

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