First Quarter Trading Update
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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 30 June 2024 | 3 months to 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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.