REG - Record PLC - Second Quarter Trading Update

RecordAnnouncement

20/10/2023 07:00

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RNS Number : 7361Q  Record PLC  20 October 2023

20 October 2023

RECORD PLC

SECOND QUARTER TRADING UPDATE

 

Record plc ("Record" or the "Company"), the specialist currency and asset
manager, is pleased to announce its trading update for the three months ended
30 September 2023 ("Q2-2024").

 

Q2-2024 Highlights

 

·    Performance fees of £1.0 million earned during the quarter (FY-24
YTD: £1.5 million)

·    AUME of US$84.5 billion, including net inflows of US$1.5 billion for
the quarter

 

Leslie Hill, Chief Executive of Record plc, commented:

 

"It is pleasing to report further performance fees of £1.0 million and net
inflows of US$1.5 billion for the quarter.

 

"In our currency hedging business, our focus continues to be on providing the
highest levels of service and proactivity to our clients to reinforce both the
longstanding relationships built over many years and the trust they continue
to place in Record as their solutions-led currency hedging manager.

 

"Our plans for diversification through our asset management and digital asset
businesses continue to progress well, albeit in places more gradually than
initially envisaged, and I look forward to giving more detail on our strategic
progress at our forthcoming half-year results in November."

 

Trading Analysis

 

1.            AUME composition

The Group's AUME as at 30 September 2023 totalled US$84.5 billion
(30 June 2023: US$86.4 billion), and expressed in sterling totalled
£69.2 billion (30 June 2023: £68.0 billion).  The composition of AUME
by product was as follows:

 

 AUME - US$ billion
                           30 September 2023    30 June 2023
 Dynamic Hedging           14.5                 15.3
 Passive Hedging           60.5                 61.6
 Currency for Return       3.9                  4.1
 Multi-Product             5.3                  5.3
 Cash & Futures/other      0.3                  0.1
 Total                     84.5                 86.4

 

2.            AUME Movement

Net client AUME movement in the three months to 30 September 2023 was as
follows:

 

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

                                                30 September 2023     30 June 2023
 Dynamic Hedging                                0.0                   0.3
 Passive Hedging                                1.7                   (3.0)
 Currency for Return                            (0.3)                 0.1
 Multi-Product                                  (0.1)                 0.1
 Cash & Futures/other                           0.2                   0.0
 Total net flows                                1.5                   (2.5)
 FX movements and mandate volatility targeting  (1.5)                 1.2
 Movements in global stock and other markets    (1.9)                 0.0
 TOTAL AUME MOVEMENT                            (1.9)                 (1.3)

 

3.            AVERAGE FEE RATES AND PERFORMANCE FEES

 

During Q2-2024, average fee rates remained broadly unchanged from the previous
quarter.

 

Performance fees of £1.0 million were earned in the quarter.

 

Record will announce its half year results on 17 November 2023 and its third
quarter trading update on 26 January 2024.

 

-Ends -

 

 

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

 Simon Compton                          record@buchanan.uk.com

 Henry Wilson

 George Beale

 

 

 

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