• Assets under management up 9 per cent to $110.3bn
• First-half operating profit declined by a fifth to £4.5mn
• Maintained interim dividend per share of 2.15p
• Forward PE ratios of 14.2 (2026) and 11.4 (2027)
• Dividend yield of 8.3 per cent
The transition of currency manager Record (REC:57p) from a business with high expertise in liquid markets into one that also has a firm footing in private markets is gathering momentum, even if it has yet to be reflected in its assets under management.
Expanding the offering into new areas where Record can pursue higher-margin products and secure long-term recurring sales should generate higher revenues over longer lock-in periods and reduce reliance on any one specific fee model. In the latest quarter, the group completed the first deployment of capital from the Record Infrastructure Equity Fund – a $120mn (£91mn) investment in Pattern Energy, the largest privately held clean energy infrastructure company in the US. Record has also agreed terms on a second €150mn (£132mn) investment in a major European electricity transmission system operator.
