First Quarter Trading Update
AUM grew to US$107.9bn in Q1 2026 on FX gains and Risk Management inflows; net flows neutral.
- AUM US$107.9 billion (prior US$100.9 billion)
- Net flows Neutral
- Performance fees £0.4 million (prior £1.6 million)
- Risk Management AUM US$104.7 billion (prior US$95.4 billion)
- Hedging for Asset Managers net flows US$1.1 billion
- FX movement on AUM US$7.6 billion
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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 2025 ("Q1-2026").
Jan Witte, CEO of Record plc commented:
"AUM continued to grow to US$107.9 billion at the end of the first quarter. We saw strong new investment into core Risk Management products including a further 7.6% uplift in Hedging for Asset Managers and benefited from a positive FX movement. We also generated £0.4 million in performance fees, lower than a very strong first quarter last year, but nevertheless, a good start. Our current year outlook remains highly dependent on the closing of large, complex deals in the pipeline but we maintain our expectation of revenue growth in low single digits and EPS flat."
Highlights
- AUM increased $7.0bn to US$107.9 billion with positive foreign exchange movements partially offset by underlying market movements.
- Net flows were neutral as strong inflows in core Risk Management products, were offset by outflows in Absolute Return as a previously highlighted wind-down of an FX Alpha mandate, which started in Q4 FY25, was completed.
- Performance fees of £0.4m crystalised in Q1 (Q1 2025: £1.6m; Q1 2024: £0.5m).
- Average fee rates in the quarter remained broadly unchanged from the previous quarter.
AUM composition
The Group's AUM as at 30 June 2025 totalled US$107.9 billion (31 March 2025: US$100.9 billion).
The composition of and changes in AUM by product were as follows:
| 31 | Net Flow | Asset movement | FX Movement | 30 | |
| US$ billion | March | June | |||
| 2025 | 2025 | ||||
| Passive Hedging | 65.1 | 1.3 | -2.1 | 6.9 | 71.2 |
| Dynamic Hedging | 16.0 | -0.1 | 1.4 | 0.0 | 17.3 |
| Hedging for Asset Managers | 14.3 | 1.1 | 0.1 | 0.6 | 16.2 |
| Risk Management | 95.4 | 2.4 | -0.6 | 7.6 | 104.7 |
| FX Alpha | 3.0 | -1.9 | 0.1 | 0.0 | 1.3 |
| Custom Opportunities | 1.4 | -0.5 | -0.2 | 0.0 | 0.7 |
| Other | 0.1 | 0.0 | 0.1 | 0.0 | 0.2 |
| Absolute Return | 4.5 | -2.4 | 0.0 | 0.1 | 2.2 |
| EM Local Debt | 1.0 | 0.0 | 0.0 | 0.0 | 1.0 |
| Private Markets | 1.0 | 0.0 | 0.0 | 0.0 | 1.0 |
| Total | 100.9 | 0.0 | -0.6 | 7.6 | 107.9 |
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