Record reported strong net inflows in its Q426 trading update; however, assets under management (AUM) fell slightly to $114.6bn (-1% q-o-q) due to asset and fx movements. Crystallised Q4 performance fees were £0.4m, bringing performance fees for the full year to £2.8m, which is slightly behind our end-FY26 estimate of £3m. Management earnings expectations for the full year remain unchanged, despite ongoing global macroeconomic and political volatility. Hence, we maintain our estimates at this stage.
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