Record Share Discussion Threads

[konradpuss] 17/1/2022 22:06

trident5, are you sure? I think you will find they are providing currency advice (as they have always done) to funds e.g. one set up by UBS. This is secondary currently to their usual fee paid advice to large endowments, family offices etc. etc.

[trident5] 17/1/2022 19:28

Yes, since inception they have been a currency manager, they are now an asset manager with no track record in managing these types of assets. I note good asset managers like Jupiter and Polar are trading on a PE of c10.

[cerrito] 17/1/2022 17:26

Good that Mr Market like this mornings RNS.
I need to say when I read it this morning at 730 I did ask myself if REC are wandering away from their core area of expertise.
Anyone else ask the same question?

[johndoe23] 16/1/2022 19:30

Trading update Friday.

[cockerhoop] 23/12/2021 08:32

Cerrito,

There is an additional IMC presentation following last years finals.

Along with a couple of Proactive interviews from 2021



Robsy2,

Leslie Hill didn't come in, she was promoted from head of sales. Certainly appears to be doing a decent job as CEO and a nice touch to suggest the current HoS is better than she was.

[cerrito] 22/12/2021 23:13

I have been a shareholder here for 7/8 years and never managed to get to an AGM. Just caught up with the IMC presentation and to the best of my knowledge they have never done one like this before.
It was the most lively and enjoyable IMC presentation I have listened to and Leslie Hill came over very well. Not often that you hear CEO's saying they do not want to bedblock.
Yes very positive although we need to recognize risks as they transition the tech and management.
Well done to those who bought at under 70 in recent weeks.

[robsy2] 09/12/2021 11:43

Good presentation from the REC team this morning.Things are moving apace . What is becoming clearer now is how sleepy this business had become before Leslie Hill came in. She seems to have energised the culture , sorted out the tech, the motivational pay structure,upgraded the sales function,refreshed the staff culture and got the right people in the right places. They have opened up offices and opportunities and have collaborations with strategic partners that have led to a widening of their product offering to more clients in different geographies and at higher fees.
It has already been quite transformational and bodes well.

[johnrxx99] 03/12/2021 08:19

LOL - City of London Investments

[konradpuss] 02/12/2021 19:01

johnrxx00, from Manchester City? I though it was United that were quoted.

[johnrxx99] 02/12/2021 06:48

Swapped from City to this. Like the results.

[konradpuss] 23/11/2021 20:06

The share price has bounced around a bit however mainly of late on low volumes.

[toptomcat] 23/11/2021 17:20

ST covering this one in IC tonight. Very bullish, past inflection point and on to higher revenue and higher margin growth. Still 50% upside here to his 120p target

[robsy2] 23/11/2021 09:29

I thought so too. The share price has been bouncing around a lot but I am sitting tight.
This is a company on the move.

[trident5] 23/11/2021 08:03

Very good figures today; but I suspect these were largely in the price.

[rossco] 17/10/2021 14:02

TU is due to be announced on Friday 22nd October.

[cockerhoop] 16/10/2021 22:01

It launched in Q1 with $0.8bn AUM.

Record EM Sustainable Finance fund successfully launched in strategic partnership with UBS Global Wealth Management; delivering product diversification and higher margins.

[cerrito] 16/10/2021 19:30

Thanks from me as well, Wolsey.
I assume that in the next few days we will get the TU and be interesting to see if the new EM sustainable Fund is ready to go.

[cockerhoop] 12/10/2021 20:09

His timing wasn't great when he sold 4,000,000 shares at 37.3p last September ;-)

[konradpuss] 12/10/2021 19:23

Neil Record has a nack for good timing.

Obviously succession plans are relevant although my guess is that these will eventually be over run by a sale of the whole company.

[trident5] 12/10/2021 13:43

Thank you Wolsey; must admit I hadn't paid this matter much attention. My feeling is that any new management would find it easy to take out a lot of salary cost that has built up in their business model (just compare client and staff numbers over the years), but perhaps more challenging - to grow revenue.

[robsy2] 12/10/2021 12:26

Good analysis. I agree.

[wolsey] 12/10/2021 12:19

The narrative from Record over the last couple years has been centered around succession planning. While not pointing directly to the departure of Neil Record, I am taking this as an item front of his mind.

The following specific references coming to mind:
- Out-takes from the latest annual report "The two imperatives set out by the Board last year were to orientate the firm for growth, through a programme focused on both modernisation and diversification, and to establish a plan for succession in the most senior executive posts at Record"..."The Committee plans to focus on the specification of the future role profile for the Chief Executive Officer with consideration of the business transition taking place and what the Record Group of tomorrow will look like to facilitate succession planning for both the Chief Executive Officer and Chair roles."
- I recall the opening commentary by Leslie Hill at the investor presentation in June of this year as having a number of specific remarks to succession planning and their work behind the scenes. While giving no details the remarks stood out to me.
- The appointment of Krystyna Nowak to the Board last month and the commentary from Neil Record on her appointment "Her expertise in succession planning will be a particular bonus in this period of transition for Record."

I may well be reading too much into this and nothing may be on the cards near term however I would be sure an exit of some kind is at the front of Neil Record's agenda. I would imagine Leslie may be enticed by a similar prospect and thus their focus and agenda is united. It could give rise to interesting possibilities for Record over the near term.

[trident5] 12/10/2021 09:29

Could you elaborate on the signals.

[wolsey] 12/10/2021 07:06

Record an enticing prospect at these levels. Short termers getting shaken out. Underlying business performance, AUME and client numbers remains on a strong upward trajectory. I did read the Sustainability fluff report - and have just ignored it :)
The key for me is seeing some evidence of management building upon recent AUME mandate wins/new products getting traction. Management have been giving clear enough signals for a while now that they are positioning for a significant succession event/sale of some kind which is nice to have in the background.