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 £1.0 million earned during the quarter (FY-24 YTD: £1.5 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 £1.0 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$86.4 billion), and expressed in sterling totalled £69.2 billion (30 June 2023: £68.0 billion). The composition of AUME by product was as follows:
| AUME - US$ 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 30 September 2023 | 3 months to 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 £1.0 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 Leslie Hill, Chief Executive Officer Steve Cullen, Chief Finance Officer
| Tel: +44 (0) 1753 852 222 |
| Buchanan Simon Compton Henry Wilson George Beale | Tel: +44 (0) 20 7466 5000 record@buchanan.uk.com |
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