Record PLC Business Update (4976Z)
September 21 2020 - 1:00AM
UK Regulatory
TIDMREC
RNS Number : 4976Z
Record PLC
21 September 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
21 SEPTEMBER 2020
RECORD PLC
BUSINESS UPDATE
Record plc ("Record" or the "Company"), the specialist currency
manager, announces today that it has, subject to contract, been
selected for a dynamic hedging mandate of approximately $8 billion
in size (with AuME quoted by convention in US Dollars). The
annualised fee rate for this mandate is consistent with Record's
other dynamic hedging mandates, based on the size of allocation.
Assuming contract negotiations conclude successfully, this mandate
will build up over time and will be revenue-generating by the end
of this calendar year.
Record will announce its second quarter trading update on 19(th)
October 2020 and its half year results on 24(th) November 2020.
For further information, please contact:
Record plc Tel: +44 (0) 1753 852 222
Leslie Hill, Chief Executive Officer
Steve Cullen, Chief Finance Officer
Buchanan Tel: +44 (0) 20 7466 5000
Giles Stewart record@buchanan.uk.com
Victoria Hayns
Henry Wilson
Notes to Editors
Record plc
Founded in 1983, Record is an independent, specialist currency
manager and has established a market leading position in managing
Currency Hedging and Currency for Return for institutional
clients.
The Group has four principal reporting lines:
- Dynamic Hedging, where Record seeks to eliminate the impact of
currency movements on elements of clients' investment portfolios
that are denominated in foreign currencies when these movements are
expected to result in an economic loss to the client, but not to do
so when they are expected to result in an economic gain;
- Passive Hedging, where Record seeks to eliminate fully or
partially the economic impact of currency movements on elements of
clients' investment portfolios that are denominated in foreign
currencies;
- Currency for Return, in which Record enters into currency
contracts for clients with the objective of generating positive
returns; and
- Multi-Product, where the client mandate includes combined
hedging and return-seeking objectives.
Record (LSE: REC) was admitted to trading on the London Stock
Exchange on 3(rd) December 2007.
This announcement includes information with respect to Record's
financial condition, its results of operations and business,
strategy, plans and objectives. All statements in this document,
other than statements of historical fact, including words such as
"anticipates", "expects", "intends", "plans", "believes", "seeks",
"estimates", "may", "will", "continue", "project" and similar
expressions, are forward-looking statements.
These forward-looking statements are not guarantees of the
Company's future performance and are subject to risks,
uncertainties and assumptions that could cause the actual future
results, performance or achievements of the Company to differ
materially from those expressed in or implied by such
forward-looking statements.
The forward-looking statements contained in this document are
based on numerous assumptions regarding Record's present and future
business and strategy and speak only as at the date of this
announcement.
The Company expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained in this announcement whether as a result of
new information, future events or otherwise.
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END
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