24 January
2025
RECORD PLC
THIRD QUARTER TRADING
UPDATE
Record plc ("Record", the "Company" or the "Group"), the specialist
currency and asset manager, is pleased to announce its trading
update for the three months ended 31 December 2024
("Q3-2025").
Jan Witte, CEO of Record plc
commented:
"This was a good quarter for Record.
Commercially, we successfully launched our new Infrastructure
Equity Fund and financially we generated an additional £1.3m in
performance fees as a result of greater currency volatility.
Although net flows were neutral, we saw strong
inflows to our growing Hedging for Asset Managers offering.
With management fee expectations for the full year
unchanged and with £2.9m of performance fees recognised for the
nine months ending 31 December 2024, we now expect revenue to be
slightly ahead of previous expectations."
Highlights
·
Average fee rates in the quarter remained broadly
unchanged from the previous quarter.
·
Performance fees in Q3-2025 were £1.3m bringing
performance fees for the year to date to £2.9m.
·
Further net flows of $0.9bn into Hedging for Asset
Managers, totalling $2.4bn year to date.
·
Management fee expectations for the full year
unchanged.
AUM
Composition
The Group's AUM as at 31
December 2024 totalled US$100.5 billion (30
September 2024: US$106.0 billion; 31 December 2023
US$99.5bn).
The composition of and changes in
AUM by product were as follows:
|
US$
billion
|
30
September 2024
|
Net
flows
|
FX
movements
|
Asset
movements
|
31
December 2024
|
|
Dynamic Hedging
|
16.8
|
(0.5)
|
(0.1)
|
(1.3)
|
14.9
|
|
Passive Hedging
|
68.3
|
(0.7)
|
(4.7)
|
1.9
|
64.8
|
|
Hedging for Asset Managers
|
12.2
|
0.9
|
(0.5)
|
0.2
|
12.8
|
|
FX Alpha
|
6.0
|
0.2
|
0.4
|
(1.2)
|
5.4
|
|
EM Debt
|
1.1
|
0.0
|
0.0
|
(0.1)
|
1.0
|
|
Custom Solutions
|
1.4
|
0.0
|
0.0
|
0.0
|
1.4
|
|
Cash & Futures/other
|
0.2
|
0.0
|
0.0
|
0.0
|
0.2
|
|
Total
|
106.0
|
(0.1)
|
(4.9)
|
(0.5)
|
100.5
|
The
decrease in AUM in USD terms is driven by the strengthening of the
US dollar against the Swiss franc, the currency in which the
majority of our AUM is denominated. The Swiss franc /
Sterling exchange rate was relatively unchanged during the period
leaving management fees stable.
Record will announce its results for
the 12 months ended March 31st on 20 June
2025.
-Ends -
For
further information, please contact:
|
Record plc
Dr Jan
Witte, Chief Executive Officer
Richard
Heading, Chief Financial Officer
|
Tel: +44
(0) 1753 852 222
investorrelations@recordfg.com
|
|
Panmure Liberum
Atholl
Tweedie
David
Watkins
|
Tel: +44 (0)20 7886 2500
|
