Record has reported robust assets under management (AUM) for Q425. Against a background of increased volatility in currency markets, the company’s core risk management services continue to demonstrate their value to both existing and potential clients, while providing opportunities in asset management products. An additional £0.3m of performance fees in the quarter has taken the FY25 total to £3.2m and we have slightly lifted our FY25 earnings forecast. FY25 results will be reported on 20 June.

Record has published its trading update for the three months to 31 December 2024 (Q325). Increased volatility in currency markets has provided additional opportunities in value-add strategies and increased performance fees. Net flows were neutral in the period but there are continuing signs of progress with the company’s strategic focus on core products, with strong inflows and continuing growth in Hedging for Asset Managers. We expect the first inflows from the recently launched Infrastructure Equity Fund by end FY25. Record continues to expect FY25 recurring management fees to be in line with previous guidance but for total revenues, including performance fees, to be ahead of its expectations.