Record (REC) Q1 2025 TU earnings summary

Executive summary

• Achieved a solid start to the year with strong performance fees and stable AUM, as asset value growth offset modest outflows.

• Renewed focus on a core suite of six product categories positions the group for medium and long-term growth.

Financial highlights

• AUM increased by $0.5bn to $102.7bn as of 30 June 2024, compared to $102.2bn at 31 March 2024.

• Performance fees of £1.6 million were earned during the quarter.

• Average fee rates remained broadly unchanged from the previous quarter.

Segment performance

• Passive Hedging AUM rose to $66.2bn from $66.0bn, while Dynamic Hedging remained stable at $16.4bn.

• Hedging for Asset Managers increased to $11.3bn from $10.4bn; FX Alpha grew to $5.0bn from $4.5bn.

• EM Debt and Cash & Futures/Other segments saw minor increases; Custom Solutions declined to $2.5bn from $3.7bn.