Record (REC) Q2 2025 TU earnings summary

Executive summary

• Achieved another quarter of AUM growth, reaching US$106.0 billion as of 30 September 2024, up from US$102.7 billion at the end of June 2024.

• Positive foreign exchange movements contributed to AUM increase, offsetting modest outflows in dynamic and passive hedging and the discontinuation of a custom interest rate swap portfolio.

• Performance remains in line with expectations, supporting confidence in medium-term growth opportunities.

Financial highlights

• AUM increased by US$3.3 billion quarter-over-quarter.

• No performance fees crystallised in Q2 2025; H1 2025 performance fees were £1.6m, slightly ahead of H1 2024 (£1.5m).

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

Segment performance

• Dynamic Hedging AUM rose from US$16.4bn to US$16.8bn.

• Passive Hedging AUM increased from US$66.2bn to US$68.3bn.

• Hedging for Asset Managers grew from US$11.3bn to US$12.2bn.

• FX Alpha AUM increased from US$5.0bn to US$6.0bn.

• Custom Solutions AUM declined from US$2.5bn to US$1.4bn due to portfolio discontinuation.