Edison Investment Research - Record (REC) Record - Evidence of new strategy gaining traction

Report

Edison Investment Research

Pedro Fonseca

Record - Evidence of new strategy gaining traction

Record’s H122 results showed benefits from its growth and diversification strategy. Its first new product, a sustainable fund, is increasing AUM and there is a pipeline of further opportunities with the potential to add further AUM and produce a richer fee mix. Board confidence in the outlook is evident in the step up in the ordinary dividend.

30/11/2021 1 EN

Underlying

Record

Record is an independent currency manager delivering currency solutions. Co.'s clients are mainly institutions, including pension funds, charities, foundations, endowments, and family offices, as well as other fund managers and corporate clients.

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GB00B28ZPS36 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Record - Robust interim results with strategic progress

Record’s interim results (H125) were robust and assets under management equivalent (AUME) reached a new high level. There are clear signs of progress with the company’s strategic refocus on core products that can grow, diversify and enhance the quality of earnings. The launch of the new Infrastructure Equity Fund, with €1.1bn of initial commitments, is a significant step forward, with further initiatives in the pipeline.

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September 25, 2024 September 25, 2024 1 EN

Edison Investment Research

Record - Strong performance fees

Record reported steady progress in its Q125 trading update. Assets under management (AUM) grew $0.5bn in the quarter to $102.7bn, driven by market and other movements of +$1bn offset by a modest net $0.5bn outflow. The AUM progression is in line with our end-FY25 estimate of $104.7bn. Performance fees surprised positively at £1.6m in the quarter, not much below our £2m estimate for the full year. We are not changing our estimates at this stage.

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Record - Evidence of new strategy gaining traction

Record - Robust interim results with strategic progress

Record: 1 director

Record - Strong performance fees

OPAP - Winning strategy

Patria Private Equity Trust - High liquidity and solid long-term track record

MoneyHero - Emphasis on driving margin

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