Shares in Record PLC (LSE:REC) jumped 9% after the currency and asset manager announced that revenue for the year is now expected to exceed previous forecasts slightly.
The company attributed the upgrade to £1.3 million in performance fees generated during the third quarter, driven by heightened currency volatility.
CEO Jan Witte highlighted the successful launch of Record’s Infrastructure Equity Fund and strong inflows of $0.9 billion into its growing Hedging for Asset Managers service, which now totals $2.4 billion for the year to date.
Despite neutral net flows overall and a decline in assets under management (AUM) to $100.5 billion, primarily due to currency movements, management fee expectations remain unchanged.
The stock was up 4.04p at 51.54p.