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.