REG - Record PLC - Third Quarter Trading Update

RecordAnnouncement

24/01/2025 07:00

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RNS Number : 5311U  Record PLC  24 January 2025

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 31(st) on 20
June 2025.

 

-Ends -

 

 

For further information, please contact:

 

 Record plc                                 Tel: +44 (0) 1753 852 222

 Dr Jan Witte, Chief Executive Officer

 Richard Heading, Chief Financial Officer   investorrelations@recordfg.com

 Panmure Liberum                            Tel: +44 (0)20 7886 2500

 Atholl Tweedie

 David Watkins

 

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