TIDMREC

RNS Number : 8963N

Record PLC

26 January 2023

26 January 2023

RECORD PLC

THIRD 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 31 December 2022 ("Q3-2023").

Q3-2023 Highlights

   --    AUME increased by 6% to US$86.0 billion 
   --    Net inflows of US$0.6 billion in the quarter (FY-23 YTD net inflows: US$ 9.2 billion)

-- Performance fees of GBP3.0 million earned for the quarter (FY-23 YTD performance fees: GBP5.8 million, FY-22 performance fees: GBP0.5 million)

Leslie Hill, Chief Executive of Record plc, commented :

"In line with our growth strategy, we continue to focus on the modernisation and diversification of our business. We are working hard to deliver new products and investment strategies for our clients and we look forward to discussing this further at our Capital Markets Event on 9 February.

"In the meantime, it is pleasing to report continued growth in our more traditional currency hedging products alongside a fourth consecutive quarter of performance fees, which now total GBP5.8 million for the current financial year."

Trading Analysis

   1.            AUME composition

The Group's AUME as at 31 December 2022 totalled US$86.0 billion (30 September 2022: US$80.8 billion), and expressed in sterling totalled GBP71.5 billion (30 September 2022: GBP72.3 billion). The composition of AUME by product was as follows:

 
                     AUME - US$ billion 
                        31 December 2022   30 September 2022 
                       -----------------  ------------------ 
 Dynamic Hedging                    13.4                10.0 
 Passive Hedging                    63.4                62.2 
 Currency for Return                 4.7                 4.3 
 Multi-Product                       4.3                 4.2 
 Cash & Futures                      0.2                 0.1 
                       -----------------  ------------------ 
 Total                              86.0                80.8 
                       -----------------  ------------------ 
 
   2.            AUME Movement

Net client AUME movement in the three months to 31 December 2022 was as follows:

 
                   Net AUME movement - US$ billion 
                                 3 months to         3 months to 
                               31 December 2022    30 September 2022 
                             ------------------  ------------------- 
 Dynamic Hedging                            1.8                  0.2 
 Passive Hedging                          (1.3)                  6.5 
 Currency for Return                        0.3                  0.0 
 Multi-Product                            (0.2)                (0.1) 
 Cash & Futures                             0.0                  0.0 
                             ------------------  ------------------- 
 Total net flows                            0.6                  6.6 
                             ------------------  ------------------- 
 FX movements and mandate 
  volatility targeting                      4.3                (2.8) 
                             ------------------  ------------------- 
 Movements in global stock 
  and other markets                         0.3                (0.9) 
                             ------------------  ------------------- 
 TOTAL AUME MOVEMENT                        5.2                  2.9 
                             ------------------  ------------------- 
 
   3.            AVERAGE FEE RATES AND PERFORMANCE FEES

During Q3-2023, average fee rates remained broadly unchanged from the previous quarter.

Performance fees of GBP3.0 million were earned in the quarter from opportunities arising for added value for some of our enhanced Passive Hedging mandates linked to increases in interest rate differentials.

Record will announce its fourth quarter trading update on 28 April 2023 and its financial results for the year ending 31 March 2023 on 16 June 2023.

-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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January 26, 2023 02:00 ET (07:00 GMT)

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