AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
Fee Rates and Performance Fees: Average fee rates remained broadly unchanged from the previous quarter. Performance fees for Q3-2025 totaled £1.3 million, bringing the year-to-date performance fees to £2.9 million.
Net Flows: The Group saw further net inflows of $0.9 billion into its "Hedging for Asset Managers" product, bringing total net flows in this category to $2.4 billion year-to-date.
Management Fee Expectations: The Group's expectations for management fees for the full year remain unchanged.
Record plc (LSE:REC), a specialist currency and asset manager, has provided a trading update for the three months ended 31 December 2024 (Q3-2025), showing positive performance in key areas despite a slight decline in assets under management (AUM).
AUM Composition and Changes:
As of 31 December 2024, the Group’s total AUM stood at $100.5 billion, a decrease from $106.0 billion as of 30 September 2024, but a slight increase from $99.5 billion in the same period last year. The changes in AUM by product category are as follows:
| Product | AUM (US$ bn) | Net Flows (US$ bn) | FX Movements (US$ bn) | Asset Movements (US$ bn) | 31 Dec 2024 AUM (US$ bn) |
|---|---|---|---|---|---|
| Dynamic Hedging | 16.8 | (0.5) | (0.1) | (1.3) | 14.9 |
| Passive Hedging | 68.3 | (0.7) | (4.7) | 1.9 | 64.8 |
| Hedging for Asset Managers | 12.2 | 0.9 | (0.5) | 0.2 | 12.8 |
| FX Alpha | 6.0 | 0.2 | 0.4 | (1.2) | 5.4 |
| EM Debt | 1.1 | 0.0 | 0.0 | (0.1) | 1.0 |
| Custom Solutions | 1.4 | 0.0 | 0.0 | 0.0 | 1.4 |
| Cash & Futures/Other | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 |
| Total | 106.0 | (0.1) | (4.9) | (0.5) | 100.5 |
Outlook:
The Group's AUM has seen a slight decline due to foreign exchange movements and asset changes. Despite these adjustments, the company remains confident in its ability to maintain stable management fee expectations for the full year. Net inflows into key areas like "Hedging for Asset Managers" reflect strong demand for the Group's services, and overall performance remains robust.
