Second Quarter Trading Update

In brief · summary, not quotable

Record PLC announced its Q2 FY26 trading update, revealing that Assets Under Management (AUM) reached a new high of US$110.3 billion, up from US$107.9 billion at the end of the previous quarter. This increase was driven by growth in underlying assets, although partially offset by client rebalancing. The company also completed its first deployment of €100 million of capital from its Infrastructure Equity fund. Performance fees for the quarter amounted to £0.5 million, bringing the total for the first half of the year to £0.8 million. Net flows were marginally positive, and average fee rates remained broadly unchanged from the previous quarter.

Full announcement

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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 September 2025 ("Q2 FY26").

Jan Witte, CEO of Record plc commented:

"AUM ended the quarter at the highest level we have ever reported following positive underlying asset growth. Inflows into Solutions for Asset Managers ("SAM"), previously known as Hedging for Asset Managers, were once again strong, and were also positive in FX Alpha following successive periods of outflows. We also made our first deployment of €100m of capital from our Infrastructure Equity fund. Performance fees were £0.5m in the quarter, bringing the total for the first half to £0.8m.

We will provide a further update with our interim results announcement to be released next month."

Highlights

AUM increased to a new high of US$110.3 billion driven by growth in underlying assets, partially offset by outflows as clients rebalanced their exposures in response. Overall net flows were marginally positive.
Completed first deployment of €100m of capital from our Infrastructure Equity fund.
Performance fees of £0.5m for Q2 FY26 (Q2 FY25: nil).
Average fee rates in the quarter remained broadly unchanged from the previous quarter.

AUM composition

AUM at 30 September 2025 totalled US$110.3 billion (30 June 2025: US$107.9 billion). The composition of and changes to AUM by product were as follows:

	30	Net Flow	Asset movement	FX Movement and Scaling	30
US$ billion				June	September
				2025	2025
Passive Hedging	71.2	(1.4)	2.2	0.0	72.0
Dynamic Hedging	17.3	(0.1)	0.0	0.0	17.2
Solutions for Asset Managers	16.2	1.1	0.0	(0.1)	17.2
Risk Management	104.7	(0.4)	2.2	(0.1)	106.4
FX Alpha	1.3	0.3	0.0	0.1	1.7
Custom Opportunities	0.7	0.0	0.1	0.0	0.8
Other	0.2	0.1	0.0	0.0	0.3
Absolute Return	2.2	0.4	0.1	0.1	2.8
EM Local Debt	1.0	0.0	0.0	0.0	1.0
Infrastructure	0.0	0.1	0.0	0.0	0.1
Private Markets	1.0	0.1	0.0	0.0	1.1
Total	107.9	0.1	2.3	0.0	110.3

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