Record PLC Second Quarter Trading Update (6316D)

TIDMREC

RNS Number : 6316D

Record PLC

21 October 2022

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 2022 ("Q2-2023").

Q2-2023 Highlights

   --    AUME net inflows of US$6.6 billion during the quarter 
   --    Performance fees of GBP0.5 million earned during the quarter

-- Commencement of previously announced Passive Hedging mandate following successful conclusion to final contract negotiations

Leslie Hill, Chief Executive of Record plc, commented :

"Our growth strategy continues to deliver as evidenced by a third consecutive quarter of AUME net inflows and further performance fees of GBP0.5 million.

"Sustained uncertainty in financial markets continues to have only a limited impact on the value of some clients' underlying portfolios in our traditional business for currency products and services.

"Conversely, heightened volatility and inflationary pressure underscores the relevance of our products and offers new opportunities for growth and diversification. Our focus is on ensuring we make the most of such opportunities and I look forward to giving more detail on the progress in our diversification plans at our forthcoming half-year results in November."

Trading Analysis

   1.            AUME composition

The Group's AUME as at 30 September 2022 totalled US$80.8 billion (30 June 2022: US$77.9 billion), and expressed in sterling totalled GBP72.3 billion (30 June 2022: GBP64.2 billion). The composition of AUME by product was as follows:

 
                   AUME - US$ billion 
                        30 September 2022   30 June 2022 
                       ------------------  ------------- 
 Dynamic Hedging                     10.0           10.6 
 Passive Hedging                     62.2           58.2 
 Currency for Return                  4.3            4.5 
 Multi-Product                        4.2            4.4 
 Cash & Futures                       0.1            0.2 
                       ------------------  ------------- 
 Total                               80.8           77.9 
                       ------------------  ------------- 
 
   2.            AUME Movement

Net client AUME movement in the three months to 30 September 2022 was as follows:

 
                 Net AUME movement - US$ billion 
                                 3 months to        3 months to 
                               30 September 2022    30 June 2022 
                             -------------------  -------------- 
 Dynamic Hedging                             0.2             1.5 
 Passive Hedging                             6.5             0.7 
 Currency for Return                         0.0           (0.3) 
 Multi-Product                             (0.1)             0.1 
 Cash & Futures                              0.0             0.0 
                             -------------------  -------------- 
 Total net flows                             6.6             2.0 
                             -------------------  -------------- 
 FX movements and mandate 
  volatility targeting                     (2.8)           (3.3) 
                             -------------------  -------------- 
 Movements in global stock 
  and other markets                        (0.9)           (3.9) 
                             -------------------  -------------- 
 TOTAL AUME MOVEMENT                         2.9           (5.2) 
                             -------------------  -------------- 
 
   3.            AVERAGE FEE RATES AND PERFORMANCE FEES

During Q2-2023, average fee rates remained broadly unchanged from the previous quarter.

Performance fees of GBP0.5 million were earned in the quarter.

Record will announce its half year results on 29 November 2022 and its third quarter trading update on 26 January 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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October 21, 2022 02:00 ET (06:00 GMT)

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