- Currency manager Record said its assets under management in US dollar terms had slipped in the first quarter, as higher net inflows were offset by the impact of currency movements.

Assets under management equivalents for the three months through June fell to $61.9bn, down from $62.2bn at the end of March.

Assets under management expressed in sterling rose to £46.9bn, up from £44.3bn.

Net client inflows amounted to $0.6bn, compared to a net outflow in the previous quarter of $1.6bn.

Record said it earned performance fees of £1.0m during the quarter, all of which related to performance over the six-month period ended 30th June 2018.

'The group continues to focus on enhancing its products and on building a more diverse portfolio both in terms of clients and in the mix of revenue streams,' chief executive James Wood-Collins said.

'The announcement of Record's first performance fees since March 2016 reinforces the progress made in product enhancement and diversification, and upon which we hope to build going forward.'

'With our diversified product suite and our ability to offer tailored solutions to clients and potential clients, we are confident that further progress can be made in the current financial year.'

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