Third Quarter Trading Update

202201210200RNS_____UKDISCLO_20220121_1523Z REC True Fri, 21 Jan 2022 07:00:00 GMT Fri, 21 Jan 2022 06:58:39 GMT

RNS Number : 1523Z

Record PLC

21 January 2022

RECORD PLC

THIRD QUARTER TRADING UPDATE

Record plc ('Record' or the 'Company'), the specialist currency and derivatives manager, is pleased to announce its trading update for the three months ended 31 December 2021 ("Q3-2022").

Leslie Hill, Chief Executive of Record plc, commented:

"Inflows were seen into both Dynamic Hedging and the Record EM Sustainable Finance Fund, both higher revenue-margin products, of $1.1 billion and $0.3 billion respectively, notwithstanding the small aggregate net outflow of $0.3 billion for the quarter.

"Building strategic partnerships remains core to our growth strategy, and on 17 January we announced the launch of the KOMMUNALIS+ fund in Germany - a new, uniquely structured, private debt fund launched in cooperation with our partners EDS and Universal. The partnership marries Record's asset management expertise with that of EDS as technology investment specialist, and Universal as a leader in European fund services, and furthermore marks another important step in our journey towards product diversification and our planned expansion into the European institutional market."

Trading Analysis

1. AUME composition

The Group's AUME as at 31 December 2021 totalled US$85.3 billion (30 September 2021: US$84.1 billion), and expressed in sterling totalled £63.0 billion (30 September 2021: £62.4 billion). The composition of AUME by product was as follows:

AUME - US$ billion
	31 December 2021	30 September 2021
Dynamic Hedging	11.5	10.3
Passive Hedging	63.8	63.0
Currency for Return	4.9	5.4
Multi-Product	4.9	5.2
Cash & Futures	0.2	0.2
Total	85.3	84.1

2. AUME Movement

Net client AUME movement in the three months to 31 December 2021 was as follows:

Net AUME movement - US$ billion
	3 months to 31 December 2021	3 months to 30 September 2021
Dynamic Hedging	1.1	0.6
Passive Hedging	(0.5)	(0.6)
Currency for Return	(0.6)	0.1
Multi-Product	(0.3)	0.0
Cash & Futures	0.0	0.0
Total net flows	(0.3)	0.1
FX movements and mandate volatility targeting	0.7	(1.0)
Movements in global stock and other markets	0.8	0.5
TOTAL AUME MOVEMENT	1.2	(0.4)

3. AVERAGE FEE RATES AND PERFORMANCE FEES

During Q3-2022, fee rates remained broadly unchanged from the previous quarter. No performance fees were earned in the quarter.

Record will announce its fourth quarter trading update on 22 April 2022 and its financial results for the year ending 31 March 2022 on 21 June 2022.

-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

Giles Stewart record@buchanan.uk.com

Victoria Hayns

Henry Wilson

George Beale

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