Third Quarter Trading Update
Record plc reported a third-quarter trading update for the period ending December 31, 2025, with Assets Under Management (AUM) reaching a new high of US$115.9 billion, an increase from US$110.3 billion at the end of the previous quarter, driven by positive net flows and underlying asset growth, partially offset by FX movements. The company earned £1.6 million in performance fees during the quarter, bringing the year-to-date total to £2.4 million, and expects current financial year earnings to remain unchanged.
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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 2025 ("Q3 FY26").
Jan Witte, CEO of Record plc commented:
"At US$115.9bn, AUM ended another quarter at the highest level we have ever reported, following positive net flows and underlying asset growth. We saw strong inflows and growth in underlying assets for Passive Hedging, and a second successive period of inflows for FX Alpha. It was also an excellent quarter for performance fees, with a further £1.6m earned, bringing total performance fees for the year to date to £2.4m."
Highlights
- AUM increased to a new high of US$115.9bn driven by both positive net flows and growth in underlying assets, partially offset by FX movements.
- Performance fees of £1.6m for Q3 FY26 (Q3 FY25: £1.3m), bringing performance fees for the year to date to £2.4m (Q3 YTD FY25: £2.9m).
- Average fee rates in the quarter remained broadly unchanged from the previous quarter.
- Earnings expectations for current financial year are unchanged.
AUM composition
AUM at 31 December 2025 totalled US$115.9bn (30 September 2025: US$110.3bn).
The composition of and changes to AUM by product were as follows:
| Net flows | Asset movement | FX movement and scaling | |||
|---|---|---|---|---|---|
| US$ billion (bn) | 30 September 2025 | 31 December 2025 | |||
| Passive Hedging | 72.0 | 2.4 | 2.3 | (0.7) | 76.0 |
| Dynamic Hedging | 17.2 | (0.1) | 0.5 | 0.0 | 17.6 |
| Solutions for Asset Managers | 17.2 | 0.1 | 0.3 | (0.2) | 17.4 |
| Risk Management | 106.4 | 2.4 | 3.1 | (0.9) | 111.0 |
| FX Alpha | 1.7 | 0.9 | - | 0.1 | 2.7 |
| Custom Opportunities | 0.8 | - | - | - | 0.8 |
| Other | 0.3 | - | - | - | 0.3 |
| Absolute Return | 2.8 | 0.9 | - | 0.1 | 3.8 |
| EM Local Debt | 1.0 | - | - | - | 1.0 |
| Infrastructure | 0.1 | - | - | - | 0.1 |
| Private Markets | 1.1 | - | - | - | 1.1 |
| Total | 110.3 | 3.3 | 3.1 | (0.8) | 115.9 |
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