Record reported strong growth in its Q326 trading update. Assets under management (AUM) grew by 5% in the quarter to $115.9bn, the highest level reported for Record, primarily driven by net flows of $3.3bn and positive asset movements of $3.1bn. Crystallised Q3 performance fees of £1.6m were slightly ahead of the run-rate end-FY26 estimate of £3m. Management earnings expectations for the full year remain unchanged, hence we are not changing our estimates at this stage.

Record’s H126 results (to 30 September) were mixed, with assets under management (AUM) growing to $110bn. Revenues were down 9% following the termination of previously identified client mandates at the end of last year. The company has cut costs by 4%, offsetting some of the revenue weakness in the period. The outlook for the remainder of the fiscal year is highly dependent on the timing of certain mandates in the pipeline. That said, the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings is accelerating. The Infrastructure fund has commenced investment, which will support earnings in FY26 and beyond. Finally, Record maintained the interim dividend at 2.15p, highlighting management’s discipline around capital return.

Record reported steady progress in its Q226 trading update. Assets under management (AUM) grew by 2% in the quarter to $110.3bn, the highest level reported for Record, primarily driven by positive asset movements of $2.3bn. Crystallised Q2 performance fees of £0.5m were slightly below the run-rate end-FY26 estimate of £3m. Importantly, the first deployment of €100m of capital from the Infrastructure Equity fund will add incremental management fees for the group. We are not changing our estimates at this stage, and await the full set of H1 results on 7 November.