Record — Highest level of reported AUM in Q226

Record (LSE: REC)

Last close As at 23/10/2025

GBP0.56

1.40 (2.55%)

Market capitalisation

GBP113m

More on this equity

Research: Financials

Record — Highest level of reported AUM in Q226

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.

Martyn King

Written by

Martyn King

Director, Financials. Property and Insurance

Financials

Q2 trading statement

24 October 2025

Price 56.40p
Market cap £112m

Net cash and money market instruments at FY25

£11.8m

Shares in issue

199.1m
Code REC
Primary exchange LSE
Secondary exchange N/A
Price Performance

Business description

Record is a specialist independent asset, currency and derivatives manager. It provides a number of products and services for institutional clients, including passive and dynamic hedging, and a range of currency for return strategies, including funds and customised segregated accounts.

Analysts

Martyn King
+44 (0)20 3077 5700
Jonathan Richards
+44 (0)20 3077 5700

Record is a research client of Edison Investment Research Limited

Note: EPS is on an underlying fully-diluted basis. DPS excludes a special dividend of 0.60p per share in FY24.

Year end Revenue (£m) PBT (£m) EPS (p) DPS (p) P/E (x) Yield (%)
3/24 45.4 12.9 4.78 4.60 11.8 8.2
3/25 41.6 10.9 4.93 4.65 11.4 8.2
3/26e 43.1 12.5 4.88 4.65 11.6 8.2
3/27e 46.6 13.8 5.12 4.65 11.0 8.2

Risk management remained supportive for Record in Q226 (ending 30 September 2025), with $2.2bn of asset growth and offsetting net business outflows of $0.4bn. Absolute return was strong, increasing 27% to $2.8bn, driven by positive inflows of $0.4bn, asset growth of $0.1bn and positive FX movements of $0.1bn. Private markets increased 10%, with the first deployment of €100m of capital from the Infrastructure Equity fund.

Record’s management believes the current year’s outlook is highly dependent on the timing of large, complex deals in the pipeline. Record maintains the expectation of revenue growth in the low single digits and EPS remaining flat for FY26. Hence, this quarter’s performance should be viewed in this context. Finally, overall average fee rates were stable, according to management.

Performance fees were decent at £0.5m for the quarter; however, Record generated strong performance fees in both FY24 and FY25 and our forecasts assume a more conservative £3m ‘normalised’ rate in FY26 and FY27. Against our forecast the current H1 run-rate of £0.8m is trending below expectations. The environment for generating performance fees has been much more supportive in the last couple of years as central banks reversed extremely accommodative monetary policy, and as geopolitics and supply chain management have become more prominent themes. Modest policy rate cuts expected by the market in the second half of CY25 should not completely reverse this better environment.

Record currently trades at 11.6x and 11.0x on our FY26 and FY27 EPS estimates, respectively, while paying an attractive dividend due to its strong balance sheet and cash-generative business. The company will next update the market with its full H1 results on 7 November 2025.

General disclaimer and copyright

This report has been commissioned by Record and prepared and issued by Edison, in consideration of a fee payable by Record. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright 2025 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or sol icitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

More on Record

View All

Latest from the Financials sector

View All Financials content

Research: Healthcare

Actinogen Medical — XanaMIA recruitment exceeds expectations

Actinogen Medical reported that, due to recent accelerations in screening and enrolment for its Phase IIb/III XanaMIA study of lead candidate Xanamem in patients with mild-to-moderate Alzheimer’s disease (AD), it is closing patient biomarker screening to new participants from 31 October. The study will now enrol a total of c 240 participants (vs the initial target of 220), with the increased sample size potentially raising the statistical power of the trial. Actinogen plans to report a pre-planned interim efficacy (futility) analysis in early Q1 CY26 and final top-line study data in mid-Q4 CY26.

Continue Reading

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free