Third Quarter Trading Update
Q3 trading update: performance fees of £1.3m, AUM at US$100.5bn, revenue expected slightly ahead
vs expectations: slightly ahead
- Performance fees Q3-2025 £1.3m
- Performance fees year to date £2.9m
- Net flows to Hedging for Asset Managers Q3 $0.9bn
- Hedging for Asset Managers year to date $2.4bn
- Total AUM at 31 December 2024 US$100.5bn (prior US$106.0bn at 30 September 2024)
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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 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 31st on 20 June 2025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.