Assets under management hit all-time high at Record

The firm said revenues in the year to 31 March nudged up 1.6% to £45.4m, while AUM jumped 16.5% to an all-time high of $102.2bn.

Underlying pre-tax profits sparked 1.4% to £14.8m, although they fell on a reported basis, down 11.6% at £12.9m, weighed down by a £1.9m impairment charge on IT expenditure. Performance fees were unchanged at £5.8m.

Record is currently undertaking a strategic review after its long-standing senior leadership team left the firm.

Chair Neil Record, who founded the business in 1983, retired last year along with chief executive Leslie Hill, who joined in 1992. Chief financial officer Steve Cullen will step down later this summer after 21 years with the firm.

Record said it would update the market on its medium-term growth plans later this year, once the review was completed.

New chief executive Jan Witte, formerly head of the firm’s currency management business, said: "I am proud to be leading Record into the next phase of its development.

"I am confident that the renewed focus we have on a core suite of six product categories, where are offering and value-add is unique, positions us well for medium and long-term growth."

However, Record warned that management fees were likely to be broadly flat in the 2025 full year, reflecting the impact of a client mandate switch in the third quarter of 2024.

It continued: "Costs will be carefully managed to be in line with management fees, while accommodating investment to support future growth."

As at 0845 BST, shares in Record were up nearly 1% at 65.14p.