REG - Record PLC - First Quarter Trading Update

RecordAnnouncement

26/07/2024 07:00

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RNS Number : 9078X  Record PLC  26 July 2024

26 July 2024

RECORD PLC

FIRST 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 30 June 2024 ("Q1-2025").

 

Jan Witte, CEO of Record plc, commented:

 

"A solid start to the year with another quarter of strong performance fees and
stable AUM as asset growth offset modest outflows. I remain confident that the
renewed focus we have on a core suite of six product categories, where our
offering and value-add is unique, positions us well for medium and long-term
growth and we are continuing our work in this respect."

 

Highlights

 

·    AUM increased $0.5bn to US$102.7 billion

·    Strong asset value growth offset modest outflows

·    Performance fees of £1.6 million earned during the quarter

·    Average fee rates in the quarter remained broadly unchanged from the
previous quarter

 

AUM composition

 

The Group's AUM as at 30 June 2024 totalled US$102.7 billion
(31 March 2024: US$102.2 billion). The composition of AUM by product was as
follows:

 

 AUM - US$ billion
                             30 June 2024   31 March 2024
 Dynamic Hedging             16.4           16.5
 Passive Hedging             66.2           66.0
 Hedging for Asset Managers  11.3           10.4
 FX Alpha                    5.0            4.5
 EM Debt                     1.1            1.0
 Custom Solutions            2.5            3.7
 Cash & Futures/other        0.2            0.1
 Total                       102.7          102.2

 

AUM Movement

 

Net client AUM movement in the three months to 30 June 2024 was as follows:

 

 Net AUM movement - US$ billion
                                                3 months to     3 months to

                                                30 June 2024    31 March 2024
 Dynamic Hedging                                0.0             0.0
 Passive Hedging                                (0.3)           (1.9)
 Hedging for Asset Managers                     1.0             0.9
 FX Alpha                                       (0.1)           0.1
 EM Debt                                        0.1             0.0
 Custom Solutions                               (1.2)           0.8
 Cash & Futures/other                           0.0             0.0
 Total net flows                                (0.5)           (0.1)
 FX movements and mandate volatility targeting  0.1             (4.2)
 Movements in global stock and other markets    0.9             7.0
 TOTAL AUME MOVEMENT                            0.5             2.7

 

 

Record will announce its Q2 2025 trading update on 25 October 2024.

 

-Ends -

 

For further information, please contact:

 

 Record plc                               +44 (0) 1753 852 222

 Dr Jan Witte, Chief Executive Officer

 Richard Heading, Chief Finance Officer

 Panmure Liberum                          +44 (0)20 7886 2500

 David Watkins

 Atholl Tweedie

 

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