- Specialist currency manager Record said its assets under management had slipped slightly during the second quarter in US dollar terms but perked up in sterling terms.

Assets under management equivalent at 30 September totalled $61.8bn, down from $61.9bn at the end of June.

Expressed in sterling, assets under management at 30 September totalled £47.4bn, up from £46.9bn at the end of June.

For US dynamic clients during the quarter, hedging returns were positive, as the US dollar generally strengthened against the weighted basket of hedged currencies.

Record's emerging market product investment performance was negative during the quarter. For an un-geared portfolio, it equated to a quarterly return of negative 1.24%.

Investment performance in the multi-strategy product that comprised the FTSE Currency FRB10, emerging market, value and momentum strategies was negative during the quarter, too. For an un-geared portfolio, the return was minus 0.74%.

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