TIDMREC

RNS Number : 7361Q

Record PLC

20 October 2023

20 October 2023

RECORD PLC

SECOND QUARTER TRADING UPDATE

Record plc ("Record" or the "Company"), the specialist currency and asset manager, is pleased to announce its trading update for the three months ended 30 September 2023 ("Q2-2024").

Q2-2024 Highlights

   --    Performance fees of GBP1.0 million earned during the quarter (FY-24 YTD: GBP1.5 million) 
   --    AUME of US$84.5 billion, including net inflows of US$1.5 billion for the quarter

Leslie Hill, Chief Executive of Record plc, commented :

"It is pleasing to report further performance fees of GBP1.0 million and net inflows of US$1.5 billion for the quarter.

"In our currency hedging business, our focus continues to be on providing the highest levels of service and proactivity to our clients to reinforce both the longstanding relationships built over many years and the trust they continue to place in Record as their solutions-led currency hedging manager.

"Our plans for diversification through our asset management and digital asset businesses continue to progress well, albeit in places more gradually than initially envisaged, and I look forward to giving more detail on our strategic progress at our forthcoming half-year results in November."

Trading Analysis

   1.            AUME composition

The Group's AUME as at 30 September 2023 totalled US$84.5 billion (30 June 2023: US$86.4 billion), and expressed in sterling totalled GBP69.2 billion (30 June 2023: GBP68.0 billion). The composition of AUME by product was as follows:

 
                  AUME - US$ billion 
                       30 September 2023  30 June 2023 
Dynamic Hedging                     14.5          15.3 
Passive Hedging                     60.5          61.6 
Currency for Return                  3.9           4.1 
Multi-Product                        5.3           5.3 
Cash & Futures/other                 0.3           0.1 
Total                               84.5          86.4 
 
   2.            AUME Movement

Net client AUME movement in the three months to 30 September 2023 was as follows:

 
               Net AUME movement - US$ billion 
                               3 months to       3 months to 
                             30 September 2023   30 June 2023 
Dynamic Hedging                            0.0            0.3 
Passive Hedging                            1.7          (3.0) 
Currency for Return                      (0.3)            0.1 
Multi-Product                            (0.1)            0.1 
Cash & Futures/other                       0.2            0.0 
Total net flows                            1.5          (2.5) 
FX movements and mandate 
 volatility targeting                    (1.5)            1.2 
Movements in global stock 
 and other markets                       (1.9)            0.0 
TOTAL AUME MOVEMENT                      (1.9)          (1.3) 
 
   3.            AVERAGE FEE RATES AND PERFORMANCE FEES

During Q2-2024, average fee rates remained broadly unchanged from the previous quarter.

Performance fees of GBP1.0 million were earned in the quarter.

Record will announce its half year results on 17 November 2023 and its third quarter trading update on 26 January 2024.

-Ends -

For further information, please contact:

 
Record plc                     Tel: +44 (0) 1753 852 222 
 Leslie Hill, Chief Executive 
 Officer 
 Steve Cullen, Chief Finance 
 Officer 
Buchanan                       Tel: +44 (0) 20 7466 5000 
 Simon Compton                    record@buchanan.uk.com 
 Henry Wilson 
 George Beale

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END

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