Record (LSE:REC), the specialist asset manager, said assets under management rose 6% to $122.0 billion in the three months to 30 June, up from $114.6 billion at the end of March.
The quarter marked a shift in reporting format, with AUM now broken down by product pillar: Risk Management, Absolute Return and Private Markets.
Growth in Risk Management was driven by Passive Hedging, while Absolute Return benefited from new foreign exchange (FX) Alpha mandates, chief executive Jan Witte said.
Private Markets drew inflows from Solutions for Asset Managers alongside continued deployment through the Record Infrastructure Equity Fund.
"Positive underlying asset growth and market movements were partially offset by the impact of foreign exchange movements," Witte said.
Undeployed commitments within Private Markets stood at $1.2 billion at quarter end, up from $1.1 billion in March, while assets under advisory, client assets on which Record earns fees without acting as investment manager, held steady at $0.4 billion.
Neither figure counts toward the headline AUM total.
Witte said Group performance continues to support expectations for the current financial year.
The Q2 update, due ahead of interim results, will include a trading statement and performance fee update alongside the AUM figures.
News Intelligence what this means for the company
Record's AUM grew 6% to $122.0bn in Q1 FY2026, driven by net inflows across all three product pillars—Risk Management (Passive Hedging), Absolute Return (new FX Alpha mandates), and Private Markets (Solutions for Asset Managers and infrastructure deployment). FX headwinds partially offset underlying growth, yet CEO Jan Witte signalled confidence that group performance supports full-year expectations, with a Q2 trading statement and performance fee update due ahead of interim results.
The 6% AUM growth and broad-based inflows across product lines suggest operational momentum and client demand resilience. However, the factfile describes Record as a UK non-life insurer, not an asset manager—this disconnect between the story's asset management narrative and the company profile warrants clarification before drawing investment conclusions.
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