REG - Record PLC - Third Quarter Trading Update

RecordAnnouncement

21/01/2022 07:05

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RNS Number : 1523Z  Record PLC  21 January 2022

21 January 2022

RECORD PLC

THIRD QUARTER TRADING UPDATE

 

 

Record plc ('Record' or the 'Company'), the specialist currency and
derivatives manager, is pleased to announce its trading update for the three
months ended 31 December 2021 ("Q3-2022").

 

Leslie Hill, Chief Executive of Record plc, commented:

 

"Inflows were seen into both Dynamic Hedging and the Record EM Sustainable
Finance Fund, both higher revenue-margin products, of $1.1 billion and
$0.3 billion respectively, notwithstanding the small aggregate net outflow of
$0.3 billion for the quarter.

 

"Building strategic partnerships remains core to our growth strategy, and on
17 January we announced the launch of the KOMMUNALIS+ fund in Germany - a new,
uniquely structured, private debt fund launched in cooperation with our
partners EDS and Universal.  The partnership marries Record's asset
management expertise with that of EDS as technology investment specialist, and
Universal as a leader in European fund services, and furthermore marks another
important step in our journey towards product diversification and our planned
expansion into the European institutional market."

 

Trading Analysis

 

1.            AUME composition

The Group's AUME as at 31 December 2021 totalled US$85.3 billion
(30 September 2021: US$84.1 billion), and expressed in sterling totalled
£63.0 billion (30 September 2021: £62.4 billion).  The composition of
AUME by product was as follows:

 

 AUME - US$ billion
                      31 December 2021    30 September 2021
 Dynamic Hedging      11.5                10.3
 Passive Hedging      63.8                63.0
 Currency for Return  4.9                 5.4
 Multi-Product        4.9                 5.2
 Cash & Futures       0.2                 0.2
 Total                85.3                84.1

 

2.            AUME Movement

Net client AUME movement in the three months to 31 December 2021 was as
follows:

 

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

                                                31 December 2021     30 September 2021
 Dynamic Hedging                                1.1                  0.6
 Passive Hedging                                (0.5)                (0.6)
 Currency for Return                            (0.6)                0.1
 Multi-Product                                  (0.3)                0.0
 Cash & Futures                                 0.0                  0.0
 Total net flows                                (0.3)                0.1
 FX movements and mandate volatility targeting  0.7                  (1.0)
 Movements in global stock and other markets    0.8                  0.5
 TOTAL AUME MOVEMENT                            1.2                  (0.4)

 

3.            AVERAGE FEE RATES AND PERFORMANCE FEES

 

During Q3-2022, fee rates remained broadly unchanged from the previous
quarter. No performance fees were earned in the quarter.

 

Record will announce its fourth quarter trading update on 22 April 2022 and
its financial results for the year ending 31 March 2022 on 21 June 2022.

 

-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

Giles Stewart
 
            record@buchanan.uk.com

Victoria Hayns

Henry Wilson

George Beale

 

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