Record PLC Third Quarter Trading Update (1523Z)
21 Januar 2022 - 8:00AM
UK Regulatory
TIDMREC
RNS Number : 1523Z
Record PLC
21 January 2022
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$84.1 billion), and expressed in sterling
totalled GBP63.0 billion (30 September 2021: GBP62.4 billion). The
composition of AUME by product was as follows:
AUME - US$ 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 3 months to
31 December 2021 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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END
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