Record plc (REC) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Before we get into the results for the first half of FY26, I'd like to review our strategic progress. Record is a specialist currency and asset manager focused on delivering best-in-class solutions for large institutional investors. We have over $110 billion in assets under management for clients based around the world, with a particular strength in Switzerland and the United States. and we employ over 100 people, primarily at our new head office in Paddington, but also in Hamburg, Frankfurt, Zurich, and New York. Over the last 40 years, we have established ourselves as the leading provider of currency derivative solutions to large institutional investors with a reputation for exceptional client focus and operational excellence. Those qualities remain at the core of our value proposition. And we're building on that robust foundation to expand our offering into new areas where we can add higher margin products and lock in long-term recurring revenues that will deliver sustained growth and increased value. The transition is well underway. And in the following slides, I'll cover some more detail about the progress we're making and how we intend to capture the full opportunity. Last year, we restructured the business into three distinct pillars, risk management, absolute return, and private markets. The risk management and absolute return pillars deliver the bulk of our revenues and profits today, but it is in private markets where we see the greatest momentum and opportunity in winning new business. This quarter, we completed the first deployment of capital from the Record Infrastructure Equity Fund. a $120 million investment in Patton Energy, the largest privately held clean energy infrastructure company in the US. We have also signed terms on a second 150 million euro...